olivLaw · US equity research
Tidewater Inc. TDW
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Tidewater Inc. (NYSE: TDW) is one of the largest operators of offshore support vessels in the world, with a fleet of 208 vessels serving customers in over 30 countries at the end of 2025. The company matters now because it is expanding its fleet through the acquisition of a Brazilian vessel fleet, and management describes a recovery in offshore activity as favorable for 2027.
At the close of 05 Nov 2026, Tidewater Inc. (TDW) stock was 69.08 USD (−6.06% on the day), with market capitalisation 3.4 bn USD, P/E 14.0 on diluted EPS of 4.93 USD over the last 12 months, dividend yield 1.09%, beta 1.00, 52-week range 50.33–100.61 USD. Latest reported quarter (Q2 2026): revenue of 342.3 m USD (+0.3% YoY), net income of 21.7 m USD (−70.3% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 72.43 – 91.26
- below the lower band · %B -0.18 · band width 23.0%
- SMA 50 / 200
- 85.78 / 79.77
- mixed trend
- MACD (12, 26, 9)
- -2.42 / -1.21
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.8% | −1.1% | −14.7 pp | — |
| 3 months | −15.3% | −0.5% | −14.9 pp | — |
| 6 months | −11.3% | +4.4% | −15.7 pp | — |
| Year to date | +36.8% | +12.3% | +24.4 pp | — |
| 1 year | +34.9% | +13.5% | +21.4 pp | +15.2% |
| 3 years | +1.5% | +76.4% | −74.9 pp | +61.3% |
| 5 years | +452.6% | +63.7% | +389.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 340.4 m | 345.1 m | 333.4 m | 341.4 m | 341.1 m | 336.8 m | 326.2 m | 342.3 m |
| Operating income | 69.9 m | 81.4 m | 75.0 m | 80.9 m | 62.7 m | 64.0 m | 59.0 m | 62.5 m |
| Depreciation & amortisation | 62.4 m | 38.7 m | 39.0 m | 64.3 m | 66.4 m | 37.8 m | 38.5 m | 66.4 m |
| Pre-tax income | 58.9 m | 53.0 m | 68.4 m | 78.3 m | 20.7 m | 52.8 m | 40.9 m | 46.1 m |
| Income tax | 12.9 m | 16.4 m | 26.1 m | 5.6 m | 21.7 m | -166.6 m | 34.9 m | 25.1 m |
| Net income | 46.4 m | 36.9 m | 42.7 m | 72.9 m | -806.0 k | 219.9 m | 6.1 m | 21.7 m |
| Diluted EPS | 0.87 | 0.70 ≈ | 0.83 | 1.46 | -0.02 | 4.40 ≈ | 0.12 | 0.43 |
| Operating cash flow | 49.0 m ≈ | 100.0 m | 80.4 m | 73.7 m ≈ | 72.1 m ≈ | 153.0 m | 19.2 m | 67.0 m ≈ |
| Capex | 5.7 m ≈ | 4.5 m | 10.3 m | 5.2 m ≈ | 5.1 m ≈ | 5.1 m | 14.9 m | 14.9 m ≈ |
| Share repurchases | 13.7 m ≈ | 44.1 m | 39.3 m | 50.8 m ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 31 percentile of its own 13-quarter history (min 7.6, median 18.0, max 57.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 406.5 m | 486.5 m | 397.0 m | 371.0 m | 647.7 m | 1.0 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | −32.4% | +19.7% | −18.4% | −6.5% | +74.6% | +55.9% | +33.3% | +0.5% |
| Net income | -171.5 m | -141.7 m | -196.2 m | -129.0 m | -21.7 m | 97.2 m | 180.7 m | 334.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +85.9% | +85.2% |
| Diluted EPS | -6.45 | -3.71 | -4.86 | -3.14 | -0.49 | 1.84 | 3.40 | 6.64 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +84.8% | +95.3% |
| net % | -42.2% | -29.1% | -49.4% | -34.8% | -3.4% | 9.6% | 13.4% | 24.7% |
| Free cash flow | -17.5 m | -49.4 m | -10.9 m | 6.1 m | 23.6 m | 72.6 m | 254.9 m | 353.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 578.8 m USD
- Financial debt
- 654.9 m USD
- Net debt
- 76.1 m USD
- Equity
- 1.4 bn USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.48x
- Current ratio
- 2.90x
- ROE
- 27.1%
- ROA
- 15.0%
- FCF margin
- 26.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 397.0 m | 371.0 m | 647.7 m | 1.0 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | -29.7 m | — | — | — | — | — | SEC (XBRL)· 04 Mar 2021verified |
| Operating income | -186.8 m | -95.0 m | 26.7 m | 182.2 m | 311.3 m | 282.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 73.0 m | 73.2 m | 83.5 m | 128.8 m | 156.2 m | 151.1 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -113.8 m ≈ | -21.8 m ≈ | 110.2 m ≈ | 311.0 m ≈ | 467.5 m ≈ | 433.7 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 24.2 m | 15.6 m | 17.4 m | 48.7 m | 73.2 m | 66.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -197.7 m | -123.8 m | -2.3 m | 138.9 m | 229.5 m | 220.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -965.0 k | 5.9 m | 19.9 m | 43.3 m | 50.2 m | -113.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -196.2 m | -129.0 m | -21.7 m | 97.2 m | 180.7 m | 334.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -4.86 | -3.14 | -0.49 | 1.84 | 3.40 | 6.64 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 40.4 k | 41.0 k | 44.1 m | 52.9 m | 53.1 m | 50.4 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.9 m | 149.0 m | 164.2 m | 274.4 m | 324.9 m | 578.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 388.6 m | 342.7 m | 377.9 m | 591.1 m | 698.7 m | 914.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 780.3 m | 688.0 m | 796.7 m | 1.3 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 1.3 bn | 1.1 bn | 1.3 bn | 2.1 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 17.0 m | 20.8 m | 38.9 m | 44.9 m | 71.4 m | 66.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 27.8 m | 0 | 0 | 103.1 m | 65.4 m | 5.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 164.9 m | 167.9 m | 169.0 m | 631.4 m | 571.7 m | 649.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 183.2 m | 157.9 m | 194.8 m | 328.7 m | 331.6 m | 315.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 823.3 m | 701.8 m | 866.0 m | 1.0 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.0 m | 15.0 m | 40.2 m | 104.2 m | 282.5 m | 379.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 14.9 m | 9.0 m | 16.6 m | 31.6 m | 27.6 m | 25.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -10.9 m ≈ | 6.1 m ≈ | 23.6 m ≈ | 72.6 m ≈ | 254.9 m ≈ | 353.3 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | 23.4 m | 25.1 m | -23.8 m | -610.3 m | -188.0 k | -7.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -99.8 m | -41.0 m | -2.7 m | 615.6 m | -222.6 m | -136.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | — | 0 | 0 | 35.0 m | 90.7 m | 90.1 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality79
- Returns0
- Valuation74
- Growth100
- Balance sheet80
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.86 – 188.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)117.22 – 188.63 (Mid 144.22)WACC 8.6% · starting FCFF 326.7 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -15.9%
- Peers: EV/EBITDA56.29 – 90.58 (Mid 83.94)6 companies used · median multiple 9.2x · quartiles 6.2x – 9.9xCCL, INSW, KEX, NCLH, RCL, SEAL-PA
- Peers: P/E40.00 – 92.64 (Mid 67.69)13 companies used · median multiple 13.7x · quartiles 8.1x – 18.8xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, RUBI, TNK, VIK
- Dividend discount (DDM)9.86 – 13.25 (Mid 11.31)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.8% | 67 (vs peers) | 12% |
| Net margin · Quality | 18.3% | 79 (vs peers) | 7% |
| FCF conversion · Quality | 109.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 27.8% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (vs peers) | 12% |
| Interest coverage · Balance sheet | 3.8x | 35 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.0x | 56 (vs peers) | 12% |
| EV/EBITDA · Valuation | 7.6x | 71 (vs peers) | 12% |
| FCF yield · Valuation | 7.9% | 99 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet80/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation74/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TIDEWATER INC (TDW). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 0.5%; net margin 18.3%; ROE 19.5%; net debt/EBITDA 0.1x.
The estimated value range is 48.14–91.61 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 75.82 USD, the price of 69.08 USD leaves a potential of 9.8% (value / price − 1) and a margin of safety of 8.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.3%
- FCF conversion: 109.8%
- Revenue CAGR 3Y: 27.8%
- Net debt / EBITDA: 0.1x
- Current ratio: 3.6x
- EV/EBITDA: 7.6x
- FCF yield: 7.9%
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +35% / +1% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
1- and 3-year price returns: for TDW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 45.45 Total return -34% · Per year -34% | 79.98 Total return 16% · Per year 16% | 119.97 Total return 74% · Per year 74% |
| 3 years | 53.91 Total return -22% · Per year -8% | 105.77 Total return 53% · Per year 15% | 172.75 Total return 150% · Per year 36% |
| 5 years | 63.94 Total return -7% · Per year -2% | 139.88 Total return 102% · Per year 15% | 248.76 Total return 260% · Per year 29% |
- Exit P/E± 26.44
- Net margin± 18.51
- Annual revenue growth± 13.80
- Annual dilution± 1.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Tidewater Inc. (NYSE: TDW) is one of the largest operators of offshore support vessels in the world, with a fleet of 208 vessels serving customers in over 30 countries at the end of 2025 1. The company matters now because it is expanding its fleet through the acquisition of a Brazilian vessel fleet, and management describes a recovery in offshore activity as favorable for 2027 23.
SWOT
Strengths
- The company has a large and diversified fleet, a broad geographic footprint and long experience in the offshore industry, which lets it react quickly to market changes.
- Its position in the US, protected by the Jones Act, gives a legal advantage in the Gulf of Mexico region.
- The company has reduced its debt burden and strengthened its financial structure through bond issuance and new credit facilities.
Weaknesses
- Revenue depends on a relatively small number of large customers, and losing one important customer could significantly affect results.
- Activity depends on customers' capital budgets, which are sensitive to oil and gas prices.
- Operating costs rose after the Middle East conflict, and part of these costs cannot be fully recovered from customers.
Opportunities
- A recovery in offshore activity could lead to higher vessel demand and stronger day rates over the longer term.
- The Wilson fleet acquisition could expand the presence in Brazil and add modern platform supply vessels.
- Offshore windfarm projects and energy-security related projects could open new business segments.
Threats
- A fall in oil or gas prices could reduce customer investment and demand for services.
- The energy transition could reduce long-term investment in offshore oil and gas projects.
- Rising vessel supply or competitive pressure could lower the day rates the company can charge.
Risks
- Dependence on customer budgetshigh
Demand for services depends on the capital spending of oil and gas companies, which can be cut quickly if prices fall or priorities change 1.
- Customer concentrationhigh
A small number of customers generate a significant part of revenue, and losing a large one could affect short-term results 1.
- Acquisition integration riskmedium
Closing and integrating the Wilson acquisition could be delayed or cost more than expected, especially if issues arise with creditors or authorities 23.
- Middle East conflictmedium
Conflict-related costs could rise if activity in the region worsens, and their recovery from customers is not assured 3.
- Debt and contractual restrictionsmedium
Debt obligations and restrictive covenants could limit the company's ability to fund new investment or distribute capital to shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in offshore activity is confirmed, vessel demand could exceed supply and new contract rates could keep rising, as the second-quarter trend suggests 3.
- The Wilson fleet acquisition could add a significant volume of modern vessels and strengthen the company's position in Brazil if integration proceeds as planned 23.
- The broad geographic footprint and onshore infrastructure in the main offshore markets could let the company respond faster to rising demand than smaller competitors 3.
What would break the thesis
- If oil prices fall or customers cut investment budgets, vessel demand could weaken and rates could pressure revenue 1.
- Revenue concentration in a small number of customers could make financial results sensitive to individual decisions by those customers 1.
- Costs from the Middle East conflict and delays in closing the acquisition could reduce gross margin and postpone expected benefits 3.
What to watch
- Closing of the Wilson Companies acquisition and the final level of assumed debtQ3 2026
- Trend in average day rates and rates on new long-term contractsQ3 2026
- Update of 2026 revenue and gross margin guidanceQ3 2026
- Conflict-related costs and reimbursements received from customers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Tidewater provides vessels and marine services to the offshore energy industry, including towing, anchor handling, transport of supplies and personnel to platforms, and support for offshore construction and windfarm work 1. Revenue comes mainly from time charter contracts lasting from a few months to several years at fixed day rates, with a smaller part from short-term spot contracts 1. The company is organized into five geographic segments and says it has the broadest geographic operating footprint in the offshore vessel industry 12.
Its main customers are integrated and independent oil and gas companies, state-owned oil companies and offshore drilling contractors, and a significant part of revenue depends on a relatively small number of customers 1. Activity follows the capital spending of customers, which depends on oil and gas prices and the cost of offshore production 1. In 2025 the company refinanced a large part of its debt by issuing senior notes due 2030 and replaced its previous credit line with a revolving facility, with no amounts drawn at the filing date 1. The board also approved new share repurchase programs, and the company announced an agreement to acquire the Wilson Sons Ultratug fleet, with closing now expected around September 1, 2026 123.
Segments
PSV (platform supply vessels)
PSVs are the largest vessel class in the fleet and generated most of the vessel revenue in 2025, with large cargo capacity and dynamic positioning systems 1.
AHTS (anchor handling towing supply vessels)
AHTS vessels are the most versatile vessels in the fleet, used for towing drilling rigs, anchor handling and subsea operations, and contributed a smaller share of vessel revenue than PSVs in 2025 1.
Other vessels
The other vessel class includes crew boats, utility vessels and offshore tugs, used mainly to move personnel and supplies to offshore installations 1.
Market context
The offshore services market depends on oil and gas companies' investment in offshore exploration and development, which is influenced by energy prices and access to capital 1. In the second half of 2026 management described a broad pick-up in offshore activity and faster tendering for new contracts, although many new projects are still being prepared 3. Revenue was reported higher in the second quarter, and 2026 guidance was slightly revised to reflect the delay in closing the Wilson acquisition 3.
Management believes demand for offshore vessels could exceed available supply in the coming period, especially if new projects linked to energy security materialize 3. However, new projects can take years to develop, and the market remains sensitive to oil price volatility and Middle East conflicts 13.
Trends
- Recovery of the offshore cycletailwind
Management says customer activity and the pace of tendering for new offshore contracts could increase through 2026 and into 2027 3.
- Rising day ratestailwind
Rates on new term contracts rose noticeably in the second quarter, suggesting that charter prices could keep improving if demand stays strong 3.
- Middle East conflictmixed
The conflict in the region has added costs and operational uncertainty, but the company reported no material disruption of activity so far 3.
- Energy transitionheadwind
Growth of renewables and climate policies could reduce long-term investment in offshore oil and gas projects, while the company also sees opportunities in offshore windfarms 1.
Competitive position
The company operates in a market with numerous competitors of all sizes, and the main competitive factors are vessel quality and availability, price, safety record and the legal ability to provide services in each region 1. Its advantages come from its broad geographic footprint, fleet size and age and economies of scale, while under the US Jones Act only vessels owned by US citizens may operate in US waters 1.
In some foreign countries, local companies or national oil companies receive preferences by law or policy, which the company tries to offset through affiliations with local firms 1. Management believes its market position could strengthen if demand for vessels exceeds available supply 3.
- Regional offshore vessel operators
Competitors named only generically in the source; their size and exact market position are not detailed in the documents reviewed.
- Local companies in foreign countries
Local operators receive legal preferences in some markets, making them important competitors where local content rules apply.
- National oil companies
State-owned oil companies can require vessels owned locally, which limits access for foreign competitors to some contracts.
- Other US vessel operators
Under the Jones Act restrictions in the Gulf of Mexico, competition is limited to operators with US citizen ownership, reducing the number of eligible rivals.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why Moerus Thinks Tidewater (TDW) Has Created Massive Value Since 2018Yahoo Finance — News · 08 Sept 2026 · EN
The latest news item in our archive is from 08 Sept 2026; the newest SEC filing is from 05 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report05 Oct 2026Material agreement · Creation of a direct financial obligation
- Current report25 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report31 Aug 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report06 Jul 2026Other events
- Current report18 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Quarterly report04 May 2026
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Tidewater Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Tidewater Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Tidewater Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.