Tidewater Reports Results for the Three Months Ended March 31, 2026 | TDW Stock News

First Quarter 2026 HighlightsRevenue of $326.2 million, a 2.2% decline compared to the first quarter of 2025Average day rate of $22,283 per day, a decline of $20 per day, or 0.1%, compared to the first quarter of 2025Net income of $6.1 million and Adjusted EBITDA of $129.3 millionNet income and Adjusted EBITDA were adversely impacted by the $3.4 million foreign exchange loss due to the strengthening of the U.S. dollarNet cash provided by operating activities of $19.2 million and free cash flow of $34.4 million Annual Guidance and Share Repurchase ProgramReiterating 2026 revenue guidance to $1.43 to $1.48 billion and 2026 gross margin guidance of 49% to 51% pro forma for the previously announced Wilson Sons Ultratug acquisitionOutstanding share repurchase program authorization of $500 million HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2026 of $326.2 million, compared with $333.4 million for the three months ended March 31, 2025. Tidewater's net income for the three months ended March 31, 2026, was $6.1 million ($0.12 per common share), compared with net income of $42.7 million ($0.83 per common share) for the three months ended March 31, 2025.Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2026 exceeded our expectations across all key financial and operational measures, with revenue, gross margin, day rate and utilization all outperforming. Revenue for the quarter came in at $326.2 million and we generated a gross margin of 48.8%, a slight improvement over the fourth quarter of 2025. We continued to benefit from stronger than anticipated vessel up-time, which is a continued testament to our company-wide focus on operational excellence and a product of the significant investments we’ve made over the last few years into the fleet. Day rate increased nicely in the first quarter, improving nearly $240 per day, bolstered by a particularly tight AHTS market in the North Sea; this is notable as the first quarter typically represents the slowest quarter of the year due to seasonality with activity typically picking up in the second and third quarter, particularly in regions like the North Sea. We view this dynamic as indicative of a market that has tightened earlier than normal as rigs mobilize to pursue new projects and tightening offshore vessel supply. Further, term contract fixtures appear to have reached an inflection point in the first quarter with our weighted average term contract day rate increasing for the first time since the second quarter of 2025.“During the first quarter, Operation Epic Fury commenced in the Middle East, one of our principal operating regions. To date, we have not experienced any disruptions in activity due to the conflict; in fact we experienced higher than anticipated utilization during the first quarter. However, late in the quarter after the conflict commenced, we did experience higher than anticipated costs associated with the conflict, particularly as it relates to insurance and the costs of our crews in the region. We anticipate that this elevated level of operating expense to persist until such time the conflict is resolved.“During the first quarter, we announced the acquisition of Wilson Sons Ultratug, a 22-vessel fleet of PSVs exclusively focused on serving the Brazilian market. We have been pleased with the organization as we’ve begun our integration efforts and are excited to continue the work to on-board this important acquisition onto the Tidewater platform. We still expect to close the transaction by the end of the second quarter.“As pleased as we are with the strong start to the year, uncertainty remains at a macro level as to how the conflict in the Middle East is ultimately resolved. However, we believe that the outlook for offshore vessel activity has fundamentally improved over the past quarter. In addition to prior expectations of offshore demand building into the back half of 2026 and into 2027, the global energy equation is being reshaped through the conflict in the Middle East and is likely to have long-term implications. We anticipate that energy security, particularly access to localized sources of energy, along with the need to replace existing production and depleted inventories, should drive incremental activity beyond what was anticipated prior to the conflict in the Middle East. It is clear that commodity prices will likely remain at a more constructive level to provide support for this activity.“Tidewater remains well-positioned to support this reshaping of the global energy value chain given the scale of our fleet and the geographic diversification of our business, both in terms of our ability to respond to an increase in demand given our current geographic dispersion and with our ability to rapidly reposition vessels into markets with disproportionate demand growth given our footprint in every major offshore market around the world. We are comfortable reiterating our 2026 revenue guidance of $1.43 billion to $1.48 billion and a 49% to 51% margin, assuming a closing of the Wilsons acquisition by the end of the second quarter of 2026, given the positive momentum we see for the business in the back half of the year somewhat tempered by some near-term friction we see on the cost side in the Middle East.”In addition to the number of outstanding shares, as of March 31, 2026, the Company also has the following in-the-money warrants.Common shares outstanding49,728,717New Creditor Warrants (strike price $0.001 per common share)21,400GulfMark Creditor Warrants (strike price $0.01 per common share)50,865Total49,800,982Tidewater will hold a conference call to discuss results for the three months ending March 31, 2026 on May 5, 2026, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 5, 2026. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.About TidewaterTidewater owns and operates the largest fleet of offshore support vessels in the industry, with 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.Cautionary StatementThis news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.Financial information is displayed beginning on the next page.The supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025; the Condensed Consolidated Income Statements and Condensed Consolidated Statements of Equity for the three ended March 31, 2026 and 2025; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025. Extracts are drawn from the March 31, 2026 unaudited quarterly and December 31, 2025 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.Revision of Previously Issued Financial StatementsCertain prior year amounts have been reclassified to conform to the current year presentation. The effects of exchange rate changes on cash and cash equivalent balances were not previously presented as a separate item in the reconciliation of the net change in cash, cash equivalents and restricted cash in our Statements of Cash Flows, but rather included as a component of net cash provided by operating activities. Accordingly, we have revised our Condensed Consolidated Statements of Cash Flows to reflect the effects of exchange rate changes on cash and cash equivalent balances for the three months ended March 31, 2025 and June 30, 2025. Also, the presentation of Free cash flow has been revised to reflect the effects of exchange rate changes on cash and cash equivalent balance. TIDEWATER INC.CONDENSED CONSOLIDATED INCOME STATEMENTS(In Thousands, except per share data) Three Months EndedMarch 31, 2026March 31, 2025Revenues:Vessel revenues$323,418$330,699Other operating revenues2,8042,745Total revenues326,222333,444Costs and expenses:Vessel operating costs166,187164,979Costs of other operating revenues7611,430General and administrative33,55929,094Depreciation and amortization66,61965,432Loss (gain) on asset dispositions, net112(2,538)Total costs and expenses267,238258,397Operating income58,98475,047Other income (expense):Foreign exchange gain (loss)(3,403)7,569Interest income and other, net2,1892,157Interest and other debt costs, net(16,891)(16,344)Total other expense(18,105)(6,618)Income before income taxes40,87968,429Income tax expense34,90326,109Net income5,97642,320Less: Net loss attributable to noncontrolling interests(164)(333)Net income attributable to Tidewater Inc.$6,140$42,653Basic income per common share$0.12$0.83Diluted income per common share$0.12$0.83Weighted average common shares outstanding49,58951,502Dilutive effect of warrants and restricted stock units249176Adjusted weighted average common shares49,83851,678 TIDEWATER INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands, except share and par value data) March 31, 2026December 31, 2025ASSETSCurrent assets:Cash and cash equivalents$552,280$578,761Trade and other receivables, net of allowance for credit losses of $2,949 and $3,034 at March 31, 2026 and December 31, 2025, respectively299,735285,372Marine operating supplies29,40438,482Prepaid expenses and other current assets18,19511,520Total current assets899,614914,135Net properties and equipment1,069,0811,072,020Deferred drydocking and survey costs147,871139,736Indemnification assets8,2739,455Deferred tax asset190,614200,939Other assets25,21750,626Total assets$2,340,670$2,386,911LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$58,238$66,347Accrued expenses139,525153,169Current portion of long-term debt5,7605,845Other current liabilities66,40289,876Total current liabilities269,925315,237Long-term debt648,616649,048Other liabilities58,14061,372Commitments and contingenciesEquity:Common stock of $0.001 par value, 125,000,000 shares authorized, 49,728,717 and 49,566,334 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively5050Additional paid-in-capital1,660,1211,663,247Accumulated deficit(299,017)(305,157)Accumulated other comprehensive loss7,1337,248Total stockholders' equity1,368,2871,365,388Noncontrolling interests(4,298)(4,134)Total equity1,363,9891,361,254Total liabilities and equity$2,340,670$2,386,911 TIDEWATER INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(In Thousands) Three Months EndedMarch 31, 2026March 31, 2025Net income$5,976$42,320Other comprehensive income (loss):Change in liability of pension plans(115)547Total comprehensive income$5,861$42,867 TIDEWATER INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands) Three MonthsThree MonthsEndedEndedMarch 31, 2026March 31, 2025Cash flows from operating activities:Net income$5,976$42,320Adjustments to reconcile net income to net cash provided by operating activities:Depreciation38,49739,014Amortization of deferred drydocking and survey costs28,12226,418Amortization of debt premiums and discounts8481,501Amortization of below market contracts—(351)Unrealized foreign exchange loss (gain)2,561(9,551)Deferred income taxes provision10,3892,347Loss (gain) on asset dispositions, net112(2,538)Stock-based compensation expense3,0633,491Changes in assets and liabilities:Trade and other receivables(14,363)10,901Accounts payable(8,109)(21,182)Accrued expenses(13,644)3,106Deferred drydocking and survey costs(36,381)(43,339)Other, net2,10828,274Net cash provided by operating activities19,17980,411Cash flows from investing activities:Proceeds from asset dispositions3,3293,816Proceeds from sale of notes—600Additions to properties and equipment(14,885)(10,266)Net cash used in investing activities(11,556)(5,850)Cash flows from financing activities:Principal payments on long-term debt(1,097)(12,500)Purchase of common stock—(39,275)Payments on finance leases(24,903)—Debt issuance costs(101)—Share based awards reacquired to pay taxes(6,189)(7,465)Net cash used in financing activities(32,290)(59,240)Effects of exchange rate changes on cash, cash equivalents and restricted cash(1,813)5,562Net change in cash, cash equivalents and restricted cash(26,480)20,883Cash, cash equivalents and restricted cash at beginning of period581,568329,031Cash, cash equivalents and restricted cash at end of period$555,088$349,914Supplemental disclosure of cash flow information:Cash paid during the year for:Interest, net of amounts capitalized$31,554$17,505Income taxes$19,922$15,148Supplemental disclosure of noncash investing activities:Purchase of vessels$—$9,098Supplemental disclosure of noncash financing activities:Debt incurred for the purchase of vessels$—$9,712 Note: Cash, cash equivalents and restricted cash at March 31, 2026 and 2025 includes $2.8 million and $2.9 million, respectively, in long-term restricted cash, which is included in other assets in our consolidated balance sheet. TIDEWATER INC.CONDENSED CONSOLIDATED STATEMENTS OF EQUITY(In Thousands) Three Months EndedAccumulatedAdditionalotherNonCommonpaid-inAccumulatedcomprehensivecontrollingstockcapitaldeficitincomeinterestTotalBalance at December 31, 2025$50$1,663,247$(305,157)$7,248$(4,134)$1,361,254Total comprehensive income (loss)——6,140(115)(164)5,861Amortization of share-based awards—(3,126)———(3,126)Balance at March 31, 2026$50$1,660,121$(299,017)$7,133$(4,298)$1,363,989Balance at December 31, 2024$52$1,656,830$(548,831)$6,060$(2,926)$1,111,185Total comprehensive income (loss)——42,653547(333)42,867Repurchase and retirement of common stock(1)—(39,712)——(39,713)Amortization of share-based awards—(3,974)———(3,974)Balance at March 31, 2025$51$1,652,856$(545,890)$6,607$(3,259)$1,110,365 The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows: (In Thousands)Three Months EndedMarch 31, 2026March 31, 2025Vessel revenues:Americas$58,52618%$54,85217%Asia Pacific46,56414%48,22814%Middle East45,56914%43,30213%Europe/Mediterranean86,94527%78,20524%West Africa85,81427%106,11232%Total vessel revenues$323,418100%$330,699100%Vessel operating costs:Crew costs$98,88731%$97,11329%Repair and maintenance24,8047%21,9547%Insurance2,6601%3,0341%Fuel, lube and supplies16,4545%14,3784%Other23,3827%28,5009%Total vessel operating costs166,18751%164,97950%Vessel operating margin (A)$157,23149%$165,72050% Note (A): Vessel operating margin equals vessel revenues less vessel operating costs. The company’s operating income and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows: (In Thousands)Three Months EndedMarch 31, 2026March 31, 2025Vessel operating profit:Americas$9,5673%$4,8951%Asia Pacific15,4705%13,6804%Middle East6,6282%8,5633%Europe/Mediterranean8,0452%7,3782%West Africa37,23011%51,61316%Other operating profit2,0431%1,3150%78,98324%87,44426%Corporate expenses (A)(19,887)(6)%(14,935)(4)%Gain (loss) on asset dispositions, net(112)(0)%2,5381%Operating income$58,98418%$75,04723% Note (A): General and administrative expenses for the three months ended March 31, 2026 and 2025 include stock-based compensation of $3.1 million and $3.5 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2026 and 2025, include $1.9 million and zero in acquisition, restructuring and integration related costs, respectively. TIDEWATER INC.CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA(In Thousands, except per share data) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Revenues:Vessel revenues$323,418$332,883$338,491$336,858$330,699Other operating revenues2,8043,9152,6224,5732,745Total revenues326,222336,798341,113341,431333,444Costs and expenses:Vessel operating costs (A)166,187172,119176,130167,354164,979Costs of other operating revenue7616301,2523,1081,430General and administrative (A)33,55938,96835,25631,21329,094Depreciation and amortization66,61966,18966,40464,31465,432Loss (gain) on asset dispositions, net112(5,084)(580)(5,480)(2,538)Total operating costs and expenses267,238272,822278,462260,509258,397Operating income58,98463,97662,65180,92275,047Other income (expense):Foreign exchange gain (loss)(3,403)2,1341,27711,7037,569Interest income and other, net2,1893,4544552,1032,157Loss on early extinguishment of debt—(12)(27,101)——Interest and other debt costs, net(16,891)(16,715)(16,589)(16,442)(16,344)Total other expense(18,105)(11,139)(41,958)(2,636)(6,618)Income before income taxes40,87952,83720,69378,28668,429Income tax expense (benefit)34,903(166,612)21,7115,58426,109Net income (loss)5,976219,449(1,018)72,70242,320Net loss attributable to noncontrolling interests(164)(435)(212)(228)(333)Net income (loss) attributable to Tidewater Inc.$6,140$219,884$(806)$72,930$42,653Basic income (loss) per common share$0.12$4.44$(0.02)$1.47$0.83Diluted income (loss) per common share$0.12$4.41$(0.02)$1.46$0.83Weighted average common shares outstanding49,58949,56449,49849,67451,502Dilutive effect of warrants and restricted stock units249332—337176Adjusted weighted average common shares49,83849,89649,49850,01151,678Vessel operating margin$157,231$160,764$162,361$169,504$165,720Note (A): Acquisition, restructuring and integration related costs$1,871$4,064$3,941$340$— TIDEWATER INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In Thousands) March 31,December 31,September 30,June 30,March 31,20262025202520252025ASSETSCurrent assets:Cash and cash equivalents$552,280$578,761$428,225$369,405$341,799Restricted cash———215,234Trade and other receivables, net299,735285,372332,596316,491312,904Marine operating supplies29,40438,48227,85724,46723,101Prepaid expenses and other current assets18,19511,52011,65214,12315,160Total current assets899,614914,135800,330724,507698,198Net properties and equipment1,069,0811,072,0201,104,5031,132,1141,163,758Deferred drydocking and survey costs147,871139,736154,234165,659169,326Indemnification assets8,2739,4559,45611,15811,114Deferred tax asset190,614200,93914,51118,346831Other assets25,21750,62645,84622,58822,939Total assets$2,340,670$2,386,911$2,128,880$2,074,372$2,066,166LIABILITIES AND EQUITYCurrent liabilities:Accounts payable$58,238$66,347$42,579$48,715$50,203Accrued expenses139,525153,169130,879131,305133,000Current portion of long-term debt5,7605,8455,84093,36680,042Other current liabilities66,40289,87697,16269,68874,299Total current liabilities269,925315,237276,460343,074337,544Long-term debt648,616649,048649,802531,874555,994Other liabilities58,14061,37263,59463,19762,263Equity:Common stock5050505051Additional paid-in-capital1,660,1211,663,2471,659,8201,656,6261,652,856Accumulated deficit(299,017)(305,157)(525,041)(524,235)(545,890)Accumulated other comprehensive income7,1337,2487,8947,2736,607Total stockholders' equity1,368,2871,365,3881,142,7231,139,7141,113,624Noncontrolling interests(4,298)(4,134)(3,699)(3,487)(3,259)Total equity1,363,9891,361,2541,139,0241,136,2271,110,365Total liabilities and equity$2,340,670$2,386,911$2,128,880$2,074,372$2,066,166 TIDEWATER INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – QUARTERLY DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Cash flows from operating activities:Net income (loss)$5,976$219,449$(1,018)$72,702$42,320Adjustments to reconcile net income to net cash provided by operating activities:Depreciation38,49737,83837,33436,90939,014Amortization of deferred drydocking and survey costs28,12228,35129,07027,40526,418Amortization of debt premiums and discounts8481,4489751,4551,501Amortization of below market contracts—(219)(283)(347)(351)Unrealized foreign exchange loss (gain)2,561(2,322)(997)(10,528)(9,551)Deferred income taxes provision (benefit)10,389(184,247)3,851(17,767)2,347Loss (gain) on asset dispositions, net112(5,084)(580)(5,480)(2,538)Loss on early extinguishment of debt—1227,101——Stock-based compensation expense3,0633,4543,4814,0573,491Changes in assets and liabilities:Trade and other receivables(14,363)47,224(16,105)(3,587)10,901Accounts payable(8,109)23,768(6,136)(1,488)(21,182)Accrued expenses(13,644)23,080418(3,329)3,106Deferred drydocking and survey costs(36,381)(13,853)(17,645)(23,738)(43,339)Other, net2,108(25,939)12,613(2,606)28,274Net cash provided by operating activities19,179152,96072,07973,65880,411Cash flows from investing activities:Proceeds from asset dispositions3,3295,3311,2047,2683,816Proceeds from sale of notes———60600Additions to properties and equipment(14,885)(5,147)(5,122)(5,226)(10,266)Net cash provided by (used in) investing activities(11,556)184(3,918)2,102(5,850)Cash flows from financing activities:Issuance of long-term debt——650,000——Principal payments on long-term debt(1,097)(1,814)(613,587)(14,041)(12,500)Purchase of common stock———(50,814)(39,275)Payments on finance leases(24,903)(895)(5,537)——Debt extinguishment premium—(12)(19,589)——Debt issuance costs(101)(844)(18,985)——Share based awards reacquired to pay taxes(6,189)(27)(287)(287)(7,465)Net cash used in financing activities(32,290)(3,592)(7,985)(65,142)(59,240)Effects of exchange rate changes on cash, cash equivalents and restricted cash(1,813)910(1,377)11,7755,562Net change in cash, cash equivalents and restricted cash(26,480)150,46258,79922,39320,883Cash, cash equivalents and restricted cash at beginning of period581,568431,106372,307349,914329,031Cash, cash equivalents and restricted cash at end of period$555,088$581,568$431,106$372,307$349,914Supplemental disclosure of cash flow information:Cash paid during the year for:Interest, net of amounts capitalized$31,554$576$17,735$11,994$17,505Income taxes$19,922$18,366$9,291$17,505$15,148Supplemental disclosure of noncash investing activities:Purchase of vessels$—$—$—$1,629$9,098Recognition of finance leases$—$5,262$23,396$—$—Supplemental disclosure of noncash financing activities:Debt incurred for purchase of vessels$—$—$—$1,767$9,712 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025VESSEL REVENUE BY VESSEL CLASSAmericas fleet:PSV > 900$25,153$29,080$30,460$26,874$23,243PSV 16K4,1636,3246,0455,2433,958AHTS 8 - 16K8881,3221,2591,1101,242AHTS 4 - 8K4,0064,0694,2214,1531,752Other1,2783,8441,5653,6443,511Total58,52669,70676,91368,75854,852Asia Pacific fleet:PSV > 90024,86222,56022,66020,87820,457PSV 16K2,8474,99312,06511,6558,792AHTS 8 - 16K—2131,5181,8042,394AHTS 4 - 8K————1,108Other571365,116165166Total46,56442,03753,78645,69648,228Middle East fleet:PSV > 9002,3782,6641,2465991,446PSV 90067,84164,18967,30278,77864,207PSV 16K4,5183,3172,1274,2661,669Other337426410497566Total86,94582,40283,74099,28078,205West Africa fleet:PSV > 9009,70012,91414,32819,60030,203PSV 16K13,70015,14912,0379,93410,172AHTS 8 - 16K22,54327,21122,85921,72520,775AHTS 4 - 8K1,3961,4271,4281,4572,086Other7,9637,9427,5485,3785,855Total85,81491,71782,01782,909106,112Worldwide fleet:PSV > 900129,934131,407135,996146,729139,556PSV 16K25,22829,78332,27431,09824,591AHTS 8 - 16K30,73534,15929,31729,81427,885AHTS 4 - 8K20,00520,93322,53621,20220,834Other9,63512,34814,6399,68410,098Total$323,418$332,883$338,491$336,858$330,699 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025AVERAGE NUMBER OF VESSELS:Americas fleet:PSV > 9001212121110PSV 16K22222AHTS 8 - 16K11111AHTS 4 - 8K22222Other12122Total3336353433Stacked vessels(4)(4)(2)(2)(1)Active vessels2932333232Asia Pacific fleet:PSV > 90099999PSV 16K22333AHTS 8 - 16K——222AHTS 4 - 8K———11Other——1——Total1816202020Stacked vessels—————Active vessels1816202020Middle East fleet:PSV > 90011111PSV 9004340403939PSV 16K21122Total5550505050Stacked vessels—————Active vessels5550505050West Africa fleet:PSV > 900577910PSV 16K56544AHTS 8 - 16K1313131413AHTS 4 - 8K12222Other1616202122Total5662656971Stacked vessels(3)(4)(5)(4)(6)Active vessels5358606565Worldwide fleet:PSV > 9007069696969PSV 16K1111111111AHTS 8 - 16K2121212221AHTS 4 - 8K2021212222Other1718222324Total207209213216217Stacked vessels(7)(8)(7)(6)(7)Active vessels200201206210210Total active200201206210210Total stacked78767Total207209213216217 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025AVAILABLE DAYS - TOTAL FLEET:Americas fleet:PSV > 9001,0631,0821,060947900PSV 16K171184184182180AHTS 8 - 16K9092929190AHTS 4 - 8K180184184182180Other9018493179180Total3,0013,2593,1773,0742,962Asia Pacific fleet:PSV > 900827828828819810PSV 16K180198276273270AHTS 8 - 16K—43184182180AHTS 4 - 8K———6590Other——913—Total1,5901,5601,8391,7971,800Middle East fleet:PSV > 9009092929190PSV 9003,8643,7273,6803,5693,510PSV 16K1739292182180Total4,9484,6784,6004,5634,500West Africa fleet:PSV > 900456619688853900PSV 16K466538460364360AHTS 8 - 16K1,1701,1961,1961,2471,180AHTS 4 - 8K90154184182180Other1,4121,4851,8171,9051,941Total5,0815,6176,0016,2506,361Worldwide fleet:PSV > 9006,3006,3486,3486,2796,210PSV 16K9901,0121,0121,001990AHTS 8 - 16K1,8901,9321,9321,9751,900AHTS 4 - 8K1,8001,9021,9321,9761,980Other1,5021,6692,0012,0872,121Total18,67019,21119,57319,59719,493 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025OUT-OF-SERVICE - STACKED DAYS:Americas fleet:PSV > 90045————PSV 90045————PSV 9001,0181,0821,060947900PSV 16K171184184182180AHTS 8 - 16K9092929190AHTS 4 - 8K180184184182180Other9018493179180Total2,5782,8742,9932,8922,880Asia Pacific fleet:PSV > 900827828828819810PSV 16K180198276273270AHTS 8 - 16K—43184182180AHTS 4 - 8K———6590Other——913—Total1,5901,5601,8391,7971,800Middle East fleet:PSV > 9009092929190PSV 9003,8643,7273,6803,5693,510PSV 16K1739292182180Total4,9484,6784,6004,5634,500West Africa fleet:PSV > 900456619688853900PSV 16K466538460364360AHTS 8 - 16K1,1701,1961,1961,2471,180AHTS 4 - 8K90929291131Other1,1701,1961,4131,5931,464Total4,8395,2665,5055,8475,835Worldwide fleet:PSV > 9006,2556,3486,3486,2796,210PSV 16K9901,0121,0121,001990AHTS 8 - 16K1,8901,9321,9321,9751,900AHTS 4 - 8K1,8001,8401,8401,8851,931Other1,2601,3801,5971,7751,644Total18,00518,47518,89319,01218,885 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025UTILIZATION - TOTAL FLEET:Americas fleet:PSV > 90068.2%74.9%83.6%87.0%78.3%PSV 16K67.498.192.777.361.3AHTS 8 - 16K70.8100.0100.092.7100.0AHTS 4 - 8K100.097.3100.099.544.5Other100.075.996.483.591.8Total66.1%70.4%79.4%75.8%64.4%Asia Pacific fleet:PSV > 90084.6%75.8%75.2%70.1%67.7%PSV 16K29.042.063.788.566.7AHTS 8 - 16K—35.935.134.464.1AHTS 4 - 8K————56.2Other——99.5——Total78.2%76.8%74.5%67.9%73.1%Middle East fleet:PSV > 900100.0%100.0%82.6%38.9%100.0%PSV 90082.7%87.7%88.7%94.8%88.0%PSV 16K34.978.0100.069.149.8Total80.0%87.2%87.5%93.3%84.9%West Africa fleet:PSV > 90066.2%71.0%66.8%70.1%96.1%PSV 16K86.887.379.985.195.6AHTS 8 - 16K84.496.984.975.383.0AHTS 4 - 8K100.059.750.050.066.7Other72.265.450.340.543.0Total81.5%75.7%62.3%57.6%68.8%Worldwide fleet:PSV > 90079.6%82.5%83.6%86.2%85.3%PSV 16K63.979.679.781.773.1AHTS 8 - 16K82.987.176.177.077.5AHTS 4 - 8K79.079.283.977.279.4Other73.866.554.644.147.2Total77.7%78.6%75.8%74.1%76.0% TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025UTILIZATION - ACTIVE FLEET:Americas fleet:PSV > 90071.3%74.9%83.6%87.0%78.3%PSV 16K67.498.192.777.361.3AHTS 8 - 16K70.8100.0100.092.7100.0AHTS 4 - 8K100.097.3100.099.544.5Other100.075.996.483.591.8Total77.0%79.9%84.3%80.5%66.3%Asia Pacific fleet:PSV > 90084.6%75.8%75.2%70.1%67.7%PSV 16K29.042.063.788.566.7AHTS 8 - 16K—35.935.134.464.1AHTS 4 - 8K————56.2Other——99.5——Total78.2%76.8%74.5%67.9%73.1%Middle East fleet:PSV > 900100.0%100.0%82.6%38.9%100.0%PSV 90082.7%87.7%88.7%94.8%88.0%PSV 16K34.978.0100.069.149.8Total80.0%87.2%87.5%93.3%84.9%West Africa fleet:PSV > 90066.2%71.0%66.8%70.1%96.1%PSV 16K86.887.379.985.195.6AHTS 8 - 16K84.496.984.975.383.0AHTS 4 - 8K100.0100.0100.0100.091.6Other87.181.264.648.457.0Total85.5%80.7%67.9%61.6%75.0%Worldwide fleet:PSV > 90080.2%82.5%83.6%86.2%85.3%PSV 16K63.979.679.781.773.1AHTS 8 - 16K82.987.176.177.077.5AHTS 4 - 8K79.081.988.180.981.4Other88.080.568.551.860.8Total80.6%81.7%78.5%76.4%78.4% TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025AVERAGE VESSEL DAY RATES: (A)Americas fleet:PSV > 900$34,675$35,891$34,365$32,617$32,992PSV 16K36,12435,03835,43537,25235,888AHTS 8 - 16K13,94414,36813,67213,15113,796AHTS 4 - 8K22,25322,73322,94222,94321,889Other14,19727,54517,45624,36921,251Total29,50130,36230,48729,52628,733Asia Pacific fleet:PSV > 90035,53935,92936,37136,34137,304PSV 16K54,48159,99668,58048,25548,843AHTS 8 - 16K—13,77623,53128,85620,764AHTS 4 - 8K————21,890Other——55,320——Total37,47035,02539,19637,37236,564Middle East fleet:PSV > 90026,42528,95516,39116,92916,072PSV 90021,22119,64020,63023,29220,782PSV 16K74,72646,20423,12233,90418,613Total21,95420,17320,75223,27520,405West Africa fleet:PSV > 90032,17129,38331,18832,77734,924PSV 16K33,88432,25632,74632,08229,568AHTS 8 - 16K22,82523,47022,52423,12321,204AHTS 4 - 8K15,51015,51115,51616,01017,387Other7,8148,1808,2646,9797,013Total20,73221,58321,94023,03524,244Worldwide fleet:PSV > 90025,91725,08725,62527,10226,345PSV 16K39,90036,99140,03738,02933,966AHTS 8 - 16K19,62120,30619,93119,59218,945AHTS 4 - 8K14,06213,88813,90213,90213,255Other8,68710,92313,12710,1479,746Total$22,283$22,044$22,798$23,166$22,303 Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked. TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025AmericasVessel revenues$58,526$69,706$76,913$68,758$54,852Vessel operating costs:Crew costs19,72922,42922,63419,65217,440Repair and maintenance5,2286,2865,3504,8304,266Insurance462540570351571Fuel, lube and supplies2,8872,7392,4642,2152,617Other5,5645,8754,5985,96510,129Total vessel operating costs33,87037,86935,61633,01335,023Vessel operating margin ($)24,65631,83741,29735,74519,829Vessel operating margin (%)42.1%45.7%53.7%52.0%36.2%Americas - Select operating statisticsAverage vessels - Total fleet3336353433Utilization - Total fleet66.1%70.4%79.4%75.8%64.4%Average vessels - Active fleet2932333232Utilization - Active fleet77.0%79.9%84.3%80.5%66.3%Average day rates$29,501$30,362$30,487$29,526$28,733Vessels commencing drydocks43—13Deferred drydocking and survey costs - beginning balance$19,907$22,400$25,608$28,443$31,149Cash paid for deferred drydocking and survey costs10,6852,8581,0821,0273,355Amortization of deferred drydocking and survey costs(4,688)(5,351)(5,817)(5,338)(5,916)Disposals, intersegment transfers and other(5,908)—1,5271,476(145)Deferred drydocking and survey costs - ending balance$19,996$19,907$22,400$25,608$28,443 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Asia PacificVessel revenues$46,564$42,037$53,786$45,696$48,228Vessel operating costs:Crew costs15,86714,30420,88718,51820,331Repair and maintenance2,9573,4273,8423,3652,270Insurance254331330176324Fuel, lube and supplies2,5131,8902,4431,7891,767Other1,7542,3692,7682,3172,118Total vessel operating costs23,34522,32130,27026,16526,810Vessel operating margin ($)23,21919,71623,51619,53121,418Vessel operating margin (%)49.9%46.9%43.7%42.7%44.4%Asia Pacific - Select operating statisticsAverage vessels - Total fleet1816202020Utilization - Total fleet78.2%76.8%74.5%67.9%73.1%Average vessels - Active fleet1816202020Utilization - Active fleet78.2%76.8%74.5%67.9%73.1%Average day rates$37,470$35,025$39,196$37,372$36,564Vessels commencing drydocks12324Deferred drydocking and survey costs - beginning balance$10,185$14,094$13,462$13,810$10,418Cash paid for deferred drydocking and survey costs4529983,3402,4877,253Amortization of deferred drydocking and survey costs(2,340)(1,998)(2,578)(2,428)(2,046)Disposals, intersegment transfers and other4,489(2,909)(130)(407)(1,815)Deferred drydocking and survey costs - ending balance$12,786$10,185$14,094$13,462$13,810 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Middle EastVessel revenues$45,569$47,021$42,035$40,215$43,302Vessel operating costs:Crew costs15,52714,20713,54113,30213,280Repair and maintenance3,8566,1534,5564,2614,100Insurance763463484343529Fuel, lube and supplies2,6842,7902,9163,2502,039Other4,0754,5704,2424,6614,588Total vessel operating costs26,90528,18325,73925,81724,536Vessel operating margin ($)18,66418,83816,29614,39818,766Vessel operating margin (%)41.0%40.1%38.8%35.8%43.3%Middle East - Select operating statisticsAverage vessels - Total fleet4545434343Utilization - Total fleet78.7%79.8%80.3%79.8%87.6%Average vessels - Active fleet4545434343Utilization - Active fleet78.7%79.8%80.3%79.8%87.6%Average day rates$14,295$14,381$13,228$12,877$12,777Vessels commencing drydocks898114Deferred drydocking and survey costs - beginning balance$39,996$38,913$35,355$31,423$21,792Cash paid for deferred drydocking and survey costs11,0827,1278,7168,19113,464Amortization of deferred drydocking and survey costs(6,059)(6,044)(5,158)(4,259)(3,833)Disposals, intersegment transfers and other539————Deferred drydocking and survey costs - ending balance$45,558$39,996$38,913$35,355$31,423 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Europe/MediterraneanVessel revenues$86,945$82,402$83,740$99,280$78,205Vessel operating costs:Crew costs31,69929,93230,10429,34227,111Repair and maintenance7,5667,2677,4815,7366,711Insurance699806797417848Fuel, lube and supplies4,6513,2513,4692,1533,147Other5,7665,2584,8056,1874,738Total vessel operating costs50,38146,51446,65643,83542,555Vessel operating margin ($)36,56435,88837,08455,44535,650Vessel operating margin (%)42.1%43.6%44.3%55.8%45.6%Europe/Mediterranean - Select operating statisticsAverage vessels - Total fleet5550505050Utilization - Total fleet80.0%87.2%87.5%93.3%84.9%Average vessels - Active fleet5550505050Utilization - Active fleet80.0%87.2%87.5%93.3%84.9%Average day rates$21,954$20,173$20,752$23,275$20,405Vessels commencing drydocks92316Deferred drydocking and survey costs - beginning balance$28,489$30,440$35,571$41,011$38,431Cash paid for deferred drydocking and survey costs11,2141,3242,1031,8118,786Amortization of deferred drydocking and survey costs(7,527)(6,184)(6,363)(6,919)(6,206)Disposals, intersegment transfers and other4,5862,909(871)(332)—Deferred drydocking and survey costs - ending balance$36,762$28,489$30,440$35,571$41,011 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025West AfricaVessel revenues$85,814$91,717$82,017$82,909$106,112Vessel operating costs:Crew costs16,06519,30018,36318,66218,951Repair and maintenance5,1976,2437,4075,7454,607Insurance482683711353762Fuel, lube and supplies3,7194,5575,1495,7004,808Other6,2236,4496,2198,0646,927Total vessel operating costs31,68637,23237,84938,52436,055Vessel operating margin ($)54,12854,48544,16844,38570,057Vessel operating margin (%)63.1%59.4%53.9%53.5%66.0%West Africa - Select operating statisticsAverage vessels - Total fleet5662656971Utilization - Total fleet81.5%75.7%62.3%57.6%68.8%Average vessels - Active fleet5358606565Utilization - Active fleet85.5%80.7%67.9%61.6%75.0%Average day rates$20,732$21,583$21,940$23,035$24,244Vessels commencing drydocks31247Deferred drydocking and survey costs - beginning balance$41,159$48,387$55,663$54,639$50,760Cash paid for deferred drydocking and survey costs2,9481,5462,40410,22210,481Amortization of deferred drydocking and survey costs(7,508)(8,774)(9,154)(8,461)(8,417)Disposals, intersegment transfers and other(3,830)—(526)(737)1,815Deferred drydocking and survey costs - ending balance$32,769$41,159$48,387$55,663$54,639 TIDEWATER INC.OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025WorldwideVessel revenues$323,418$332,883$338,491$336,858$330,699Vessel operating costs:Crew costs98,887100,172105,52999,47697,113Repair and maintenance24,80429,37628,63623,93721,954Insurance2,6602,8232,8921,6403,034Fuel, lube and supplies16,45415,22716,44115,10714,378Other23,38224,52122,63227,19428,500Total vessel operating costs166,187172,119176,130167,354164,979Vessel operating margin ($)157,231160,764162,361169,504165,720Vessel operating margin (%)48.6%48.3%48.0%50.3%50.1%Worldwide - Select operating statisticsAverage vessels - Total fleet207209213216217Utilization - Total fleet77.7%78.6%75.8%74.1%76.0%Average vessels - Active fleet200201206210210Utilization - Active fleet80.6%81.7%78.5%76.4%78.4%Average day rates$22,283$22,044$22,798$23,166$22,303Vessels commencing drydocks2517161924Deferred drydocking and survey costs - beginning balance$139,736$154,234$165,659$169,326$152,550Cash paid for deferred drydocking and survey costs36,38113,85317,64523,73843,339Amortization of deferred drydocking and survey costs(28,122)(28,351)(29,070)(27,405)(26,418)Disposals, intersegment transfers and other(124)———(145)Deferred drydocking and survey costs - ending balance$147,871$139,736$154,234$165,659$169,326 TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Net income (loss)$5,976$219,449$(1,018)$72,702$42,320Interest and other debt costs16,89116,71516,58916,44216,344Income tax expense34,903(166,612)21,7115,58426,109Depreciation38,49737,83837,33436,90939,014Amortization of deferred drydock and survey costs28,12228,35129,07027,40526,418Amortization of below market contracts—(219)(283)(347)(351)EBITDA (A), (B), (C)124,389135,522103,403158,695149,854Non-cash indemnification assets charge (credit)———(112)834Non-cash stock compensation expense3,0633,4543,4814,0573,491Loss on early extinguishment of debt—1227,101——Acquisition, restructuring and integration related costs1,8714,0643,941340—Adjusted EBITDA (A), (B), (C)$129,323$143,052$137,926$162,980$154,179 Note (A): EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization of deferred drydock and below market contracts. Additionally, Adjusted EBITDA excludes non-cash indemnification assets charge (credit) included in interest income and other; non-cash stock-based compensation expense; loss on early extinguishment of debt; and acquisition, restructuring and integration related costs. Note (B): EBITDA for the three months ended March 31, 2026, and for each of the prior four quarters includes non-cash stock-based compensation expense of $3,063, $3,454, $3,481, $4,057 and $3,491 respectively. Note (C): EBITDA and Adjusted EBITDA for the three months ended March 31, 2026, and for each of the prior four quarters includes foreign exchange gain (losses) of $(3,403), $2,134, $1,277, $11,703 and $7,569 respectively.Non-GAAP Financial MeasuresWe disclose and discuss EBITDA and Adjusted EBITDA as non-GAAP financial measures in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission. We define EBITDA as earnings (net income or loss) before interest and other debt costs, income tax expense, depreciation and amortization. Additionally, Adjusted EBITDA excludes non-cash indemnification asset charge (credit), non-cash stock-based compensation expense, loss on early extinguishment of debt and acquisition, restructuring and integration related costs. Our measures of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA and Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.Because EBITDA and Adjusted EBITDA are not measures of financial performance calculated in accordance with GAAP, they should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.EBITDA and Adjusted EBITDA are widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe provide additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures. We also believe the disclosure of EBITDA and Adjusted EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.EBITDA and Adjusted EBITDA are also financial metrics used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA and Adjusted EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness. TIDEWATER INC.UNAUDITED OTHER FLEET AND FINANCIAL DATA(In Thousands) Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Net cash provided by operating activities (A)$19,179$152,960$72,079$73,658$80,411Cash interest expense31,55457617,73511,99417,505Interest income and other (net of certain non-cash items)(2,939)(3,455)(1,860)(2,103)(2,157)Indemnification assets credit (charge)———112(834)Additions to property and equipment(14,885)(5,147)(5,122)(5,226)(10,266)Expansion capital———327Effects of exchange rate changes on cash(1,813)910(1,377)11,7755,56231,096145,84481,45590,21390,248Proceeds from asset sales3,3295,3311,2047,3284,416Free cash flow$34,425$151,175$82,659$97,541$94,664 Free cash flow is a non-GAAP investment performance indicator which we believe provides useful information regarding the net cash generated by the Company before any payments to capital providers. Free cash flow is determined from net cash provided by operating activities adjusted for effects of exchange rate changes on cash, capital expenditures, excluding expansion capital, proceeds from asset sales, cash interest expense and interest income and other. Free cash flow excludes indemnification assets credit (charge) included in interest income and other. Free cash flow is not defined by U.S. GAAP and is not a substitute for net cash provided by operating activities. Note (A): Net cash provided by operating activities is affected by changes in our assets and liabilities and the amounts we pay in cash for our drydocks and vessel surveys as illustrated in the following table: Three Months EndedMarch 31,December 31,September 30,June 30,March 31,20262025202520252025Cash provided by (used in) changes in assets and liabilities, excluding drydock payments$(34,008)$68,133$(9,210)$(11,010)$21,099Cash paid for deferred drydock and survey costs(36,381)(13,853)(17,645)(23,738)(43,339)Total sources (uses) of cash for changes in assets and liabilities$(70,389)$54,280$(26,855)$(34,748)$(22,240)View source version on businesswire.com: https://www.businesswire.com/news/home/20260501452877/en/Tidewater Inc.West GotcherSenior Vice President,Strategy, Corporate Development and Investor Relations+1.713.470.5285Source: Tidewater Inc.