Business Wire·Nov 9, 2026, 4:39 PM ET

Tidewater Reports Results for the Nine Months Ended September 30, 2026

TDW

Tidewater Inc. reported third-quarter 2026 revenue of $360.4 million, a 5.3% increase compared to the second quarter of 2026.
Average day rate reached $23,775 per day, an increase of $837 (3.7%) compared to the second quarter of 2026.
Weighted average leading edge day rate was $27,373 per day, an increase of $3,033 (12.5%) compared to the second quarter of 2026.
Net income for the quarter was $17.5 million ($0.35 per share) with Adjusted EBITDA of $140.1 million.
Net cash provided by operating activities was $75.2 million, while free cash flow totaled $90.9 million.
The company closed the all-cash acquisition of Wilson Sons Ultratug Offshore (WSUT) for $500 million to expand its presence in Brazil.
2026 revenue guidance was updated to a range of $1.43 to $1.44 billion, with gross margin guidance set between 47.5% and 48.5%.
2027 revenue guidance was initiated at $1.70 to $1.75 billion, with gross margin guidance projected between 51% and 53%.
Approximately $25 million of shares were repurchased since the last earnings release, leaving $475 million in outstanding authorization.
The company expects to incur approximately $19.8 million in conflict-related costs in 2026, including roughly $8.7 million billable to customers.
Year-to-date acquisition-related expenses for the WSUT deal totaled approximately $14.4 million.
Integration of the WSUT business is expected to be substantially complete by the start of 2027.
Global utilization for the active fleet was 79.2% in the third quarter of 2026.
Total active vessels stood at 207 as of September 30, 2026.
A conference call to discuss results is scheduled for November 10, 2026, at 8:00 a.m. Central Time.