Q4 2025 Tidewater Inc Earnings Call Transcript

Mar 3, 2026 / 02:00 PM GMT

Release Date Price: MXN1390.5

Transcript 10-K8-K

Key Points

Positve

Tidewater Inc (TDW) delivered its best year in recent memory with significant revenue growth, gross margin expansion, and increased average day rates.
The company generated nearly $600 million in EBITDA and $430 million in free cash flow, surpassing previous high points in the offshore industry.
Fourth quarter revenue and gross margin exceeded expectations, with revenue reaching $336.8 million due to higher average day rates and better utilization.
Tidewater Inc (TDW) completed a strategic internal restructuring to consolidate vessel ownership, enhancing operational efficiency.
The acquisition of Wilson Sons Offshore Ultra Tug for $500 million is expected to provide strategic and financial benefits, maintaining a healthy balance sheet post-transaction.

Negative

There is uncertainty regarding the impact of Operation Epic Fury on operations in the Middle East, although no immediate changes have been observed.
Average day rates were down about 3% in the fourth quarter compared to the third quarter, indicating some pricing pressure.
The company did not repurchase any shares during the fourth quarter due to the focus on the Wilson's acquisition.
Increased insurance and diesel costs due to geopolitical tensions, although these are considered immaterial to the overall business.
The Gulf of America market outlook for 2026 appears flat, with limited work expected on the East Coast, potentially affecting vessel demand.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TDW.N - Tidewater Inc
Q4 2025 Tidewater Inc Earnings Call
Mar 03, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. My name is Jordan and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Tidewater Inc. Q4 in full year 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. You're limited to one question and one follow-up question. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press one again.

Thank you. I'd now like to turn the call over to Wes Goucher, senior Vice President of strategy, corporate Development and Investor relations. Please go ahead.

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