Open the filing on EDGARTidewater Reports Results for the Three Months Ended March 31, 2026
First Quarter 2026 Highlights
- Revenue of $326.2 million, a 2.2% decline compared to the first quarter of 2025
- Average day rate of $22,283 per day, a decline of $20 per day, or 0.1%, compared to the first quarter of 2025
- Net income of $6.1 million and Adjusted EBITDA of $129.3 million
- Net income and Adjusted EBITDA were adversely impacted by the $3.4 million foreign exchange loss due to the strengthening of the U.S. dollar
- Net cash provided by operating activities of $19.2 million and free cash flow of $34.4 million
Annual Guidance and Share Repurchase Program
- Reiterating 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 acquisition
- Outstanding share repurchase program authorization of $500 million
HOUSTON, May 4, 2026 - 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 outstanding | 49,728,717 |
| New Creditor Warrants (strike price $0.001 per common share) | 21,400 |
| GulfMark Creditor Warrants (strike price $0.01 per common share) | 50,865 |
| Total | 49,800,982 |
Tidewater 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 Tidewater
Tidewater 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 Statement
This 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”).
Forward-looking statements notice
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 Statements
Certain 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.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In Thousands, except per share data)
| Three Months Ended |
|---|
| March 31, 2026 | March 31, 2025 |
|---|
| Revenues: | | |
| Vessel revenues | $323,418 | $330,699 |
| Other operating revenues | 2,804 | 2,745 |
| Total revenues | 326,222 | 333,444 |
| Costs and expenses: | | |
| Vessel operating costs | 166,187 | 164,979 |
| Costs of other operating revenues | 761 | 1,430 |
| General and administrative | 33,559 | 29,094 |
| Depreciation and amortization | 66,619 | 65,432 |
| Loss (gain) on asset dispositions, net | 112 | (2,538) |
| Total costs and expenses | 267,238 | 258,397 |
| Operating income | 58,984 | 75,047 |
| Other income (expense): | | |
| Foreign exchange gain (loss) | (3,403) | 7,569 |
| Interest income and other, net | 2,189 | 2,157 |
| Interest and other debt costs, net | (16,891) | (16,344) |
| Total other expense | (18,105) | (6,618) |
| Income before income taxes | 40,879 | 68,429 |
| Income tax expense | 34,903 | 26,109 |
| Net income | 5,976 | 42,320 |
| Less: Net loss attributable to noncontrolling interests | (164) | (333) |
| Net income attributable to Tidewater Inc. | $6,140 | $42,653 |
| Basic income per common share | $0.12 | $0.83 |
| Diluted income per common share | $0.12 | $0.83 |
| Weighted average common shares outstanding | 49,589 | 51,502 |
| Dilutive effect of warrants and restricted stock units | 249 | 176 |
| Adjusted weighted average common shares | 49,838 | 51,678 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, except share and par value data)
| March 31, 2026 | December 31, 2025 |
|---|
| ASSETS | | |
| Current assets: | | |
| Cash and cash equivalents | $552,280 | $578,761 |
| Trade and other receivables, net of allowance for credit losses of $2,949 and $3,034 at March 31, 2026 and December 31, 2025, respectively | 299,735 | 285,372 |
| Marine operating supplies | 29,404 | 38,482 |
| Prepaid expenses and other current assets | 18,195 | 11,520 |
| Total current assets | 899,614 | 914,135 |
| Net properties and equipment | 1,069,081 | 1,072,020 |
| Deferred drydocking and survey costs | 147,871 | 139,736 |
| Indemnification assets | 8,273 | 9,455 |
| Deferred tax asset | 190,614 | 200,939 |
| Other assets | 25,217 | 50,626 |
| Total assets | $2,340,670 | $2,386,911 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| Current liabilities: | | |
| Accounts payable | $58,238 | $66,347 |
| Accrued expenses | 139,525 | 153,169 |
| Current portion of long-term debt | 5,760 | 5,845 |
| Other current liabilities | 66,402 | 89,876 |
| Total current liabilities | 269,925 | 315,237 |
| Long-term debt | 648,616 | 649,048 |
| Other liabilities | 58,140 | 61,372 |
| Commitments and contingencies | | |
| Equity: | | |
| 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, respectively | 50 | 50 |
| Additional paid-in-capital | 1,660,121 | 1,663,247 |
| Accumulated deficit | (299,017) | (305,157) |
| Accumulated other comprehensive loss | 7,133 | 7,248 |
| Total stockholders' equity | 1,368,287 | 1,365,388 |
| Noncontrolling interests | (4,298) | (4,134) |
| Total equity | 1,363,989 | 1,361,254 |
| Total liabilities and equity | $2,340,670 | $2,386,911 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Three Months Ended |
|---|
| March 31, 2026 | March 31, 2025 |
|---|
| Net income | $5,976 | $42,320 |
| Other comprehensive income (loss): | | |
| Change in liability of pension plans | (115) | 547 |
| Total comprehensive income | $5,861 | $42,867 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months | Three Months |
|---|
| Ended | Ended |
|---|
| March 31, 2026 | March 31, 2025 |
|---|
| Cash flows from operating activities: | | |
| Net income | $5,976 | $42,320 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation | 38,497 | 39,014 |
| Amortization of deferred drydocking and survey costs | 28,122 | 26,418 |
| Amortization of debt premiums and discounts | 848 | 1,501 |
| Amortization of below market contracts | - | (351) |
| Unrealized foreign exchange loss (gain) | 2,561 | (9,551) |
| Deferred income taxes provision | 10,389 | 2,347 |
| Loss (gain) on asset dispositions, net | 112 | (2,538) |
| Stock-based compensation expense | 3,063 | 3,491 |
| Changes in assets and liabilities: | | |
| Trade and other receivables | (14,363) | 10,901 |
| Accounts payable | (8,109) | (21,182) |
| Accrued expenses | (13,644) | 3,106 |
| Deferred drydocking and survey costs | (36,381) | (43,339) |
| Other, net | 2,108 | 28,274 |
| Net cash provided by operating activities | 19,179 | 80,411 |
| Cash flows from investing activities: | | |
| Proceeds from asset dispositions | 3,329 | 3,816 |
| Proceeds from sale of notes | - | 600 |
| Additions 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) | 5,562 |
| Net change in cash, cash equivalents and restricted cash | (26,480) | 20,883 |
| Cash, cash equivalents and restricted cash at beginning of period | 581,568 | 329,031 |
| Cash, cash equivalents and restricted cash at end of period | $555,088 | $349,914 |
| Supplemental disclosure of cash flow information: | | |
| Cash paid during the year for: | | |
| Interest, net of amounts capitalized | $31,554 | $17,505 |
| Income taxes | $19,922 | $15,148 |
| Supplemental disclosure of noncash investing activities: | | |
| Purchase of vessels | $ - | $9,098 |
| Supplemental 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.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
| Three Months Ended |
|---|
| | | | Accumulated | | |
|---|
| | Additional | | other | Non | |
|---|
| Common | paid-in | Accumulated | comprehensive | controlling | |
|---|
| stock | capital | deficit | income | interest | Total |
|---|
| Balance at December 31, 2025 | $50 | $1,663,247 | $(305,157) | $7,248 | $(4,134) | $1,361,254 |
| Total comprehensive income (loss) | - | - | 6,140 | (115) | (164) | 5,861 |
| Amortization of share-based awards | - | (3,126) | - | - | - | (3,126) |
| Balance at March 31, 2026 | $50 | $1,660,121 | $(299,017) | $7,133 | $(4,298) | $1,363,989 |
| Balance at December 31, 2024 | $52 | $1,656,830 | $(548,831) | $6,060 | $(2,926) | $1,111,185 |
| Total comprehensive income (loss) | - | - | 42,653 | 547 | (333) | 42,867 |
| Repurchase 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:
| March 31, 2026 | March 31, 2025 |
|---|
| (In Thousands) | Three Months Ended |
| Vessel revenues: | | | | |
| Americas | $58,526 | 18% | $54,852 | 17% |
| Asia Pacific | 46,564 | 14% | 48,228 | 14% |
| Middle East | 45,569 | 14% | 43,302 | 13% |
| Europe/Mediterranean | 86,945 | 27% | 78,205 | 24% |
| West Africa | 85,814 | 27% | 106,112 | 32% |
| Total vessel revenues | $323,418 | 100% | $330,699 | 100% |
| Vessel operating costs: | | | | |
| Crew costs | $98,887 | 31% | $97,113 | 29% |
| Repair and maintenance | 24,804 | 7% | 21,954 | 7% |
| Insurance | 2,660 | 1% | 3,034 | 1% |
| Fuel, lube and supplies | 16,454 | 5% | 14,378 | 4% |
| Other | 23,382 | 7% | 28,500 | 9% |
| Total vessel operating costs | 166,187 | 51% | 164,979 | 50% |
| Vessel operating margin (A) | $157,231 | 49% | $165,720 | 50% |
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:
| March 31, 2026 | March 31, 2025 |
|---|
| (In Thousands) | Three Months Ended |
| Vessel operating profit: | | | | |
| Americas | $9,567 | 3% | $4,895 | 1% |
| Asia Pacific | 15,470 | 5% | 13,680 | 4% |
| Middle East | 6,628 | 2% | 8,563 | 3% |
| Europe/Mediterranean | 8,045 | 2% | 7,378 | 2% |
| West Africa | 37,230 | 11% | 51,613 | 16% |
| Other operating profit | 2,043 | 1% | 1,315 | 0% |
| 78,983 | 24% | 87,444 | 26% |
| Corporate expenses (A) | (19,887) | (6)% | (14,935) | (4)% |
| Gain (loss) on asset dispositions, net | (112) | (0)% | 2,538 | 1% |
| Operating income | $58,984 | 18% | $75,047 | 23% |
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.
CONSOLIDATED STATEMENTS OF EARNINGS - QUARTERLY DATA
(In Thousands, except per share data)
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Revenues: | | | | | |
| Vessel revenues | $323,418 | $332,883 | $338,491 | $336,858 | $330,699 |
| Other operating revenues | 2,804 | 3,915 | 2,622 | 4,573 | 2,745 |
| Total revenues | 326,222 | 336,798 | 341,113 | 341,431 | 333,444 |
| Costs and expenses: | | | | | |
| Vessel operating costs (A) | 166,187 | 172,119 | 176,130 | 167,354 | 164,979 |
| Costs of other operating revenue | 761 | 630 | 1,252 | 3,108 | 1,430 |
| General and administrative (A) | 33,559 | 38,968 | 35,256 | 31,213 | 29,094 |
| Depreciation and amortization | 66,619 | 66,189 | 66,404 | 64,314 | 65,432 |
| Loss (gain) on asset dispositions, net | 112 | (5,084) | (580) | (5,480) | (2,538) |
| Total operating costs and expenses | 267,238 | 272,822 | 278,462 | 260,509 | 258,397 |
| Operating income | 58,984 | 63,976 | 62,651 | 80,922 | 75,047 |
| Other income (expense): | | | | | |
| Foreign exchange gain (loss) | (3,403) | 2,134 | 1,277 | 11,703 | 7,569 |
| Interest income and other, net | 2,189 | 3,454 | 455 | 2,103 | 2,157 |
| Loss 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 taxes | 40,879 | 52,837 | 20,693 | 78,286 | 68,429 |
| Income tax expense (benefit) | 34,903 | (166,612) | 21,711 | 5,584 | 26,109 |
| Net income (loss) | 5,976 | 219,449 | (1,018) | 72,702 | 42,320 |
| Net loss attributable to noncontrolling interests | (164) | (435) | (212) | (228) | (333) |
| Net income (loss) attributable to Tidewater Inc. | $6,140 | $219,884 | $(806) | $72,930 | $42,653 |
| Basic income (loss) per common share | $0.12 | $4.44 | $(0.02) | $1.47 | $0.83 |
| Diluted income (loss) per common share | $0.12 | $4.41 | $(0.02) | $1.46 | $0.83 |
| Weighted average common shares outstanding | 49,589 | 49,564 | 49,498 | 49,674 | 51,502 |
| Dilutive effect of warrants and restricted stock units | 249 | 332 | - | 337 | 176 |
| Adjusted weighted average common shares | 49,838 | 49,896 | 49,498 | 50,011 | 51,678 |
| Vessel operating margin | $157,231 | $160,764 | $162,361 | $169,504 | $165,720 |
| Note (A): Acquisition, restructuring and integration related costs | $1,871 | $4,064 | $3,941 | $340 | $ - |
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| ASSETS | | | | | |
| Current assets: | | | | | |
| Cash and cash equivalents | $552,280 | $578,761 | $428,225 | $369,405 | $341,799 |
| Restricted cash | - | - | - | 21 | 5,234 |
| Trade and other receivables, net | 299,735 | 285,372 | 332,596 | 316,491 | 312,904 |
| Marine operating supplies | 29,404 | 38,482 | 27,857 | 24,467 | 23,101 |
| Prepaid expenses and other current assets | 18,195 | 11,520 | 11,652 | 14,123 | 15,160 |
| Total current assets | 899,614 | 914,135 | 800,330 | 724,507 | 698,198 |
| Net properties and equipment | 1,069,081 | 1,072,020 | 1,104,503 | 1,132,114 | 1,163,758 |
| Deferred drydocking and survey costs | 147,871 | 139,736 | 154,234 | 165,659 | 169,326 |
| Indemnification assets | 8,273 | 9,455 | 9,456 | 11,158 | 11,114 |
| Deferred tax asset | 190,614 | 200,939 | 14,511 | 18,346 | 831 |
| Other assets | 25,217 | 50,626 | 45,846 | 22,588 | 22,939 |
| Total assets | $2,340,670 | $2,386,911 | $2,128,880 | $2,074,372 | $2,066,166 |
| LIABILITIES AND EQUITY | | | | | |
| Current liabilities: | | | | | |
| Accounts payable | $58,238 | $66,347 | $42,579 | $48,715 | $50,203 |
| Accrued expenses | 139,525 | 153,169 | 130,879 | 131,305 | 133,000 |
| Current portion of long-term debt | 5,760 | 5,845 | 5,840 | 93,366 | 80,042 |
| Other current liabilities | 66,402 | 89,876 | 97,162 | 69,688 | 74,299 |
| Total current liabilities | 269,925 | 315,237 | 276,460 | 343,074 | 337,544 |
| Long-term debt | 648,616 | 649,048 | 649,802 | 531,874 | 555,994 |
| Other liabilities | 58,140 | 61,372 | 63,594 | 63,197 | 62,263 |
| Equity: | | | | | |
| Common stock | 50 | 50 | 50 | 50 | 51 |
| Additional paid-in-capital | 1,660,121 | 1,663,247 | 1,659,820 | 1,656,626 | 1,652,856 |
| Accumulated deficit | (299,017) | (305,157) | (525,041) | (524,235) | (545,890) |
| Accumulated other comprehensive income | 7,133 | 7,248 | 7,894 | 7,273 | 6,607 |
| Total stockholders' equity | 1,368,287 | 1,365,388 | 1,142,723 | 1,139,714 | 1,113,624 |
| Noncontrolling interests | (4,298) | (4,134) | (3,699) | (3,487) | (3,259) |
| Total equity | 1,363,989 | 1,361,254 | 1,139,024 | 1,136,227 | 1,110,365 |
| Total liabilities and equity | $2,340,670 | $2,386,911 | $2,128,880 | $2,074,372 | $2,066,166 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - QUARTERLY DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Cash flows from operating activities: | | | | | |
| Net income (loss) | $5,976 | $219,449 | $(1,018) | $72,702 | $42,320 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation | 38,497 | 37,838 | 37,334 | 36,909 | 39,014 |
| Amortization of deferred drydocking and survey costs | 28,122 | 28,351 | 29,070 | 27,405 | 26,418 |
| Amortization of debt premiums and discounts | 848 | 1,448 | 975 | 1,455 | 1,501 |
| Amortization 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) | 2,347 |
| Loss (gain) on asset dispositions, net | 112 | (5,084) | (580) | (5,480) | (2,538) |
| Loss on early extinguishment of debt | - | 12 | 27,101 | - | - |
| Stock-based compensation expense | 3,063 | 3,454 | 3,481 | 4,057 | 3,491 |
| Changes in assets and liabilities: | | | | | |
| Trade and other receivables | (14,363) | 47,224 | (16,105) | (3,587) | 10,901 |
| Accounts payable | (8,109) | 23,768 | (6,136) | (1,488) | (21,182) |
| Accrued expenses | (13,644) | 23,080 | 418 | (3,329) | 3,106 |
| Deferred drydocking and survey costs | (36,381) | (13,853) | (17,645) | (23,738) | (43,339) |
| Other, net | 2,108 | (25,939) | 12,613 | (2,606) | 28,274 |
| Net cash provided by operating activities | 19,179 | 152,960 | 72,079 | 73,658 | 80,411 |
| Cash flows from investing activities: | | | | | |
| Proceeds from asset dispositions | 3,329 | 5,331 | 1,204 | 7,268 | 3,816 |
| Proceeds from sale of notes | - | - | - | 60 | 600 |
| Additions 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) | 11,775 | 5,562 |
| Net change in cash, cash equivalents and restricted cash | (26,480) | 150,462 | 58,799 | 22,393 | 20,883 |
| Cash, cash equivalents and restricted cash at beginning of period | 581,568 | 431,106 | 372,307 | 349,914 | 329,031 |
| Cash, cash equivalents and restricted cash at end of period | $555,088 | $581,568 | $431,106 | $372,307 | $349,914 |
| Supplemental disclosure of cash flow information: | | | | | |
| Cash paid during the year for: | | | | | |
| Interest, net of amounts capitalized | $31,554 | $576 | $17,735 | $11,994 | $17,505 |
| Income taxes | $19,922 | $18,366 | $9,291 | $17,505 | $15,148 |
| Supplemental disclosure of noncash investing activities: | | | | | |
| Purchase of vessels | $ - | $ - | $ - | $1,629 | $9,098 |
| Recognition of finance leases | $ - | $5,262 | $23,396 | $ - | $ - |
| Supplemental disclosure of noncash financing activities: | | | | | |
| Debt incurred for purchase of vessels | $ - | $ - | $ - | $1,767 | $9,712 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| VESSEL REVENUE BY VESSEL CLASS | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | $25,153 | $29,080 | $30,460 | $26,874 | $23,243 |
| PSV < 900 | 23,038 | 25,067 | 33,363 | 27,734 | 21,146 |
| AHTS > 16K | 4,163 | 6,324 | 6,045 | 5,243 | 3,958 |
| AHTS 8 - 16K | 888 | 1,322 | 1,259 | 1,110 | 1,242 |
| AHTS 4 - 8K | 4,006 | 4,069 | 4,221 | 4,153 | 1,752 |
| Other | 1,278 | 3,844 | 1,565 | 3,644 | 3,511 |
| Total | 58,526 | 69,706 | 76,913 | 68,758 | 54,852 |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 24,862 | 22,560 | 22,660 | 20,878 | 20,457 |
| PSV < 900 | 18,798 | 14,135 | 12,427 | 11,194 | 15,311 |
| AHTS > 16K | 2,847 | 4,993 | 12,065 | 11,655 | 8,792 |
| AHTS 8 - 16K | - | 213 | 1,518 | 1,804 | 2,394 |
| AHTS 4 - 8K | - | - | - | - | 1,108 |
| Other | 57 | 136 | 5,116 | 165 | 166 |
| Total | 46,564 | 42,037 | 53,786 | 45,696 | 48,228 |
| Middle East fleet: | | | | | |
| PSV > 900 | 2,378 | 2,664 | 1,246 | 599 | 1,446 |
| PSV < 900 | 21,284 | 23,507 | 20,221 | 18,849 | 22,494 |
| AHTS 8 - 16K | 7,304 | 5,413 | 3,681 | 5,175 | 3,474 |
| AHTS 4 - 8K | 14,603 | 15,437 | 16,887 | 15,592 | 15,888 |
| Total | 45,569 | 47,021 | 42,035 | 40,215 | 43,302 |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 67,841 | 64,189 | 67,302 | 78,778 | 64,207 |
| PSV < 900 | 14,249 | 14,470 | 13,901 | 15,739 | 11,763 |
| AHTS > 16K | 4,518 | 3,317 | 2,127 | 4,266 | 1,669 |
| Other | 337 | 426 | 410 | 497 | 566 |
| Total | 86,945 | 82,402 | 83,740 | 99,280 | 78,205 |
| West Africa fleet: | | | | | |
| PSV > 900 | 9,700 | 12,914 | 14,328 | 19,600 | 30,203 |
| PSV < 900 | 30,512 | 27,074 | 23,817 | 24,815 | 37,021 |
| AHTS > 16K | 13,700 | 15,149 | 12,037 | 9,934 | 10,172 |
| AHTS 8 - 16K | 22,543 | 27,211 | 22,859 | 21,725 | 20,775 |
| AHTS 4 - 8K | 1,396 | 1,427 | 1,428 | 1,457 | 2,086 |
| Other | 7,963 | 7,942 | 7,548 | 5,378 | 5,855 |
| Total | 85,814 | 91,717 | 82,017 | 82,909 | 106,112 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 129,934 | 131,407 | 135,996 | 146,729 | 139,556 |
| PSV < 900 | 107,881 | 104,253 | 103,729 | 98,331 | 107,735 |
| AHTS > 16K | 25,228 | 29,783 | 32,274 | 31,098 | 24,591 |
| AHTS 8 - 16K | 30,735 | 34,159 | 29,317 | 29,814 | 27,885 |
| AHTS 4 - 8K | 20,005 | 20,933 | 22,536 | 21,202 | 20,834 |
| Other | 9,635 | 12,348 | 14,639 | 9,684 | 10,098 |
| Total | $323,418 | $332,883 | $338,491 | $336,858 | $330,699 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| AVERAGE NUMBER OF VESSELS: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 12 | 12 | 12 | 11 | 10 |
| PSV < 900 | 15 | 17 | 17 | 16 | 16 |
| AHTS > 16K | 2 | 2 | 2 | 2 | 2 |
| AHTS 8 - 16K | 1 | 1 | 1 | 1 | 1 |
| AHTS 4 - 8K | 2 | 2 | 2 | 2 | 2 |
| Other | 1 | 2 | 1 | 2 | 2 |
| Total | 33 | 36 | 35 | 34 | 33 |
| Stacked vessels | (4) | (4) | (2) | (2) | (1) |
| Active vessels | 29 | 32 | 33 | 32 | 32 |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 9 | 9 | 9 | 9 | 9 |
| PSV < 900 | 7 | 5 | 5 | 5 | 5 |
| AHTS > 16K | 2 | 2 | 3 | 3 | 3 |
| AHTS 8 - 16K | - | - | 2 | 2 | 2 |
| AHTS 4 - 8K | - | - | - | 1 | 1 |
| Other | - | - | 1 | - | - |
| Total | 18 | 16 | 20 | 20 | 20 |
| Stacked vessels | - | - | - | - | - |
| Active vessels | 18 | 16 | 20 | 20 | 20 |
| Middle East fleet: | | | | | |
| PSV > 900 | 1 | 1 | 1 | 1 | 1 |
| PSV < 900 | 20 | 20 | 20 | 20 | 20 |
| AHTS 8 - 16K | 7 | 7 | 5 | 5 | 5 |
| AHTS 4 - 8K | 17 | 17 | 17 | 17 | 17 |
| Total | 45 | 45 | 43 | 43 | 43 |
| Stacked vessels | - | - | - | - | - |
| Active vessels | 45 | 45 | 43 | 43 | 43 |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 43 | 40 | 40 | 39 | 39 |
| PSV < 900 | 10 | 9 | 9 | 9 | 9 |
| AHTS > 16K | 2 | 1 | 1 | 2 | 2 |
| Total | 55 | 50 | 50 | 50 | 50 |
| Stacked vessels | - | - | - | - | - |
| Active vessels | 55 | 50 | 50 | 50 | 50 |
| West Africa fleet: | | | | | |
| PSV > 900 | 5 | 7 | 7 | 9 | 10 |
| PSV < 900 | 16 | 18 | 18 | 19 | 20 |
| AHTS > 16K | 5 | 6 | 5 | 4 | 4 |
| AHTS 8 - 16K | 13 | 13 | 13 | 14 | 13 |
| AHTS 4 - 8K | 1 | 2 | 2 | 2 | 2 |
| Other | 16 | 16 | 20 | 21 | 22 |
| Total | 56 | 62 | 65 | 69 | 71 |
| Stacked vessels | (3) | (4) | (5) | (4) | (6) |
| Active vessels | 53 | 58 | 60 | 65 | 65 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 70 | 69 | 69 | 69 | 69 |
| PSV < 900 | 68 | 69 | 69 | 69 | 70 |
| AHTS > 16K | 11 | 11 | 11 | 11 | 11 |
| AHTS 8 - 16K | 21 | 21 | 21 | 22 | 21 |
| AHTS 4 - 8K | 20 | 21 | 21 | 22 | 22 |
| Other | 17 | 18 | 22 | 23 | 24 |
| Total | 207 | 209 | 213 | 216 | 217 |
| Stacked vessels | (7) | (8) | (7) | (6) | (7) |
| Active vessels | 200 | 201 | 206 | 210 | 210 |
| Total active | 200 | 201 | 206 | 210 | 210 |
| Total stacked | 7 | 8 | 7 | 6 | 7 |
| Total | 207 | 209 | 213 | 216 | 217 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| AVAILABLE DAYS - TOTAL FLEET: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 1,063 | 1,082 | 1,060 | 947 | 900 |
| PSV < 900 | 1,407 | 1,533 | 1,564 | 1,493 | 1,432 |
| AHTS > 16K | 171 | 184 | 184 | 182 | 180 |
| AHTS 8 - 16K | 90 | 92 | 92 | 91 | 90 |
| AHTS 4 - 8K | 180 | 184 | 184 | 182 | 180 |
| Other | 90 | 184 | 93 | 179 | 180 |
| Total | 3,001 | 3,259 | 3,177 | 3,074 | 2,962 |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 827 | 828 | 828 | 819 | 810 |
| PSV < 900 | 583 | 491 | 460 | 455 | 450 |
| AHTS > 16K | 180 | 198 | 276 | 273 | 270 |
| AHTS 8 - 16K | - | 43 | 184 | 182 | 180 |
| AHTS 4 - 8K | - | - | - | 65 | 90 |
| Other | - | - | 91 | 3 | - |
| Total | 1,590 | 1,560 | 1,839 | 1,797 | 1,800 |
| Middle East fleet: | | | | | |
| PSV > 900 | 90 | 92 | 92 | 91 | 90 |
| PSV < 900 | 1,800 | 1,840 | 1,840 | 1,820 | 1,800 |
| AHTS 8 - 16K | 630 | 601 | 460 | 455 | 450 |
| AHTS 4 - 8K | 1,530 | 1,564 | 1,564 | 1,547 | 1,530 |
| Total | 4,050 | 4,097 | 3,956 | 3,913 | 3,870 |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 3,864 | 3,727 | 3,680 | 3,569 | 3,510 |
| PSV < 900 | 911 | 859 | 828 | 812 | 810 |
| AHTS > 16K | 173 | 92 | 92 | 182 | 180 |
| Total | 4,948 | 4,678 | 4,600 | 4,563 | 4,500 |
| West Africa fleet: | | | | | |
| PSV > 900 | 456 | 619 | 688 | 853 | 900 |
| PSV < 900 | 1,487 | 1,625 | 1,656 | 1,699 | 1,800 |
| AHTS > 16K | 466 | 538 | 460 | 364 | 360 |
| AHTS 8 - 16K | 1,170 | 1,196 | 1,196 | 1,247 | 1,180 |
| AHTS 4 - 8K | 90 | 154 | 184 | 182 | 180 |
| Other | 1,412 | 1,485 | 1,817 | 1,905 | 1,941 |
| Total | 5,081 | 5,617 | 6,001 | 6,250 | 6,361 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 6,300 | 6,348 | 6,348 | 6,279 | 6,210 |
| PSV < 900 | 6,188 | 6,348 | 6,348 | 6,279 | 6,292 |
| AHTS > 16K | 990 | 1,012 | 1,012 | 1,001 | 990 |
| AHTS 8 - 16K | 1,890 | 1,932 | 1,932 | 1,975 | 1,900 |
| AHTS 4 - 8K | 1,800 | 1,902 | 1,932 | 1,976 | 1,980 |
| Other | 1,502 | 1,669 | 2,001 | 2,087 | 2,121 |
| Total | 18,670 | 19,211 | 19,573 | 19,597 | 19,493 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| OUT-OF-SERVICE - STACKED DAYS: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 45 | - | - | - | - |
| PSV < 900 | 378 | 385 | 184 | 182 | 82 |
| Total | 423 | 385 | 184 | 182 | 82 |
| West Africa fleet: | | | | | |
| AHTS 4 - 8K | - | 62 | 92 | 91 | 49 |
| Other | 242 | 289 | 404 | 312 | 477 |
| Total | 242 | 351 | 496 | 403 | 526 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 45 | - | - | - | - |
| PSV < 900 | 378 | 385 | 184 | 182 | 82 |
| AHTS 4 - 8K | - | 62 | 92 | 91 | 49 |
| Other | 242 | 289 | 404 | 312 | 477 |
| Total | 665 | 736 | 680 | 585 | 608 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| AVAILABLE DAYS - ACTIVE FLEET: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 1,018 | 1,082 | 1,060 | 947 | 900 |
| PSV < 900 | 1,029 | 1,148 | 1,380 | 1,311 | 1,350 |
| AHTS > 16K | 171 | 184 | 184 | 182 | 180 |
| AHTS 8 - 16K | 90 | 92 | 92 | 91 | 90 |
| AHTS 4 - 8K | 180 | 184 | 184 | 182 | 180 |
| Other | 90 | 184 | 93 | 179 | 180 |
| Total | 2,578 | 2,874 | 2,993 | 2,892 | 2,880 |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 827 | 828 | 828 | 819 | 810 |
| PSV < 900 | 583 | 491 | 460 | 455 | 450 |
| AHTS > 16K | 180 | 198 | 276 | 273 | 270 |
| AHTS 8 - 16K | - | 43 | 184 | 182 | 180 |
| AHTS 4 - 8K | - | - | - | 65 | 90 |
| Other | - | - | 91 | 3 | - |
| Total | 1,590 | 1,560 | 1,839 | 1,797 | 1,800 |
| Middle East fleet: | | | | | |
| PSV > 900 | 90 | 92 | 92 | 91 | 90 |
| PSV < 900 | 1,800 | 1,840 | 1,840 | 1,820 | 1,800 |
| AHTS 8 - 16K | 630 | 601 | 460 | 455 | 450 |
| AHTS 4 - 8K | 1,530 | 1,564 | 1,564 | 1,547 | 1,530 |
| Total | 4,050 | 4,097 | 3,956 | 3,913 | 3,870 |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 3,864 | 3,727 | 3,680 | 3,569 | 3,510 |
| PSV < 900 | 911 | 859 | 828 | 812 | 810 |
| AHTS > 16K | 173 | 92 | 92 | 182 | 180 |
| Total | 4,948 | 4,678 | 4,600 | 4,563 | 4,500 |
| West Africa fleet: | | | | | |
| PSV > 900 | 456 | 619 | 688 | 853 | 900 |
| PSV < 900 | 1,487 | 1,625 | 1,656 | 1,699 | 1,800 |
| AHTS > 16K | 466 | 538 | 460 | 364 | 360 |
| AHTS 8 - 16K | 1,170 | 1,196 | 1,196 | 1,247 | 1,180 |
| AHTS 4 - 8K | 90 | 92 | 92 | 91 | 131 |
| Other | 1,170 | 1,196 | 1,413 | 1,593 | 1,464 |
| Total | 4,839 | 5,266 | 5,505 | 5,847 | 5,835 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 6,255 | 6,348 | 6,348 | 6,279 | 6,210 |
| PSV < 900 | 5,810 | 5,963 | 6,164 | 6,097 | 6,210 |
| AHTS > 16K | 990 | 1,012 | 1,012 | 1,001 | 990 |
| AHTS 8 - 16K | 1,890 | 1,932 | 1,932 | 1,975 | 1,900 |
| AHTS 4 - 8K | 1,800 | 1,840 | 1,840 | 1,885 | 1,931 |
| Other | 1,260 | 1,380 | 1,597 | 1,775 | 1,644 |
| Total | 18,005 | 18,475 | 18,893 | 19,012 | 18,885 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| UTILIZATION - TOTAL FLEET: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 68.2% | 74.9% | 83.6% | 87.0% | 78.3% |
| PSV < 900 | 57.5 | 58.4 | 70.3 | 63.6 | 53.0 |
| AHTS > 16K | 67.4 | 98.1 | 92.7 | 77.3 | 61.3 |
| AHTS 8 - 16K | 70.8 | 100.0 | 100.0 | 92.7 | 100.0 |
| AHTS 4 - 8K | 100.0 | 97.3 | 100.0 | 99.5 | 44.5 |
| Other | 100.0 | 75.9 | 96.4 | 83.5 | 91.8 |
| Total | 66.1% | 70.4% | 79.4% | 75.8% | 64.4% |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 84.6% | 75.8% | 75.2% | 70.1% | 67.7% |
| PSV < 900 | 84.2 | 96.0 | 90.3 | 75.0 | 93.7 |
| AHTS > 16K | 29.0 | 42.0 | 63.7 | 88.5 | 66.7 |
| AHTS 8 - 16K | - | 35.9 | 35.1 | 34.4 | 64.1 |
| AHTS 4 - 8K | - | - | - | - | 56.2 |
| Other | - | - | 99.5 | - | - |
| Total | 78.2% | 76.8% | 74.5% | 67.9% | 73.1% |
| Middle East fleet: | | | | | |
| PSV > 900 | 100.0% | 100.0% | 82.6% | 38.9% | 100.0% |
| PSV < 900 | 79.4 | 82.9 | 79.2 | 76.9 | 94.0 |
| AHTS 8 - 16K | 81.8 | 69.1 | 65.1 | 95.7 | 63.7 |
| AHTS 4 - 8K | 75.3 | 79.0 | 86.0 | 81.0 | 86.3 |
| Total | 78.7% | 79.8% | 80.3% | 79.8% | 87.6% |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 82.7% | 87.7% | 88.7% | 94.8% | 88.0% |
| PSV < 900 | 77.2 | 85.8 | 81.2 | 92.0 | 79.2 |
| AHTS > 16K | 34.9 | 78.0 | 100.0 | 69.1 | 49.8 |
| Total | 80.0% | 87.2% | 87.5% | 93.3% | 84.9% |
| West Africa fleet: | | | | | |
| PSV > 900 | 66.2% | 71.0% | 66.8% | 70.1% | 96.1% |
| PSV < 900 | 89.9 | 68.8 | 53.8 | 52.4 | 68.5 |
| AHTS > 16K | 86.8 | 87.3 | 79.9 | 85.1 | 95.6 |
| AHTS 8 - 16K | 84.4 | 96.9 | 84.9 | 75.3 | 83.0 |
| AHTS 4 - 8K | 100.0 | 59.7 | 50.0 | 50.0 | 66.7 |
| Other | 72.2 | 65.4 | 50.3 | 40.5 | 43.0 |
| Total | 81.5% | 75.7% | 62.3% | 57.6% | 68.8% |
| Worldwide fleet: | | | | | |
| PSV > 900 | 79.6% | 82.5% | 83.6% | 86.2% | 85.3% |
| PSV < 900 | 77.1 | 74.8 | 71.5 | 68.9 | 75.4 |
| AHTS > 16K | 63.9 | 79.6 | 79.7 | 81.7 | 73.1 |
| AHTS 8 - 16K | 82.9 | 87.1 | 76.1 | 77.0 | 77.5 |
| AHTS 4 - 8K | 79.0 | 79.2 | 83.9 | 77.2 | 79.4 |
| Other | 73.8 | 66.5 | 54.6 | 44.1 | 47.2 |
| Total | 77.7% | 78.6% | 75.8% | 74.1% | 76.0% |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| UTILIZATION - ACTIVE FLEET: | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | 71.3% | 74.9% | 83.6% | 87.0% | 78.3% |
| PSV < 900 | 78.7 | 77.9 | 79.7 | 72.4 | 56.2 |
| AHTS > 16K | 67.4 | 98.1 | 92.7 | 77.3 | 61.3 |
| AHTS 8 - 16K | 70.8 | 100.0 | 100.0 | 92.7 | 100.0 |
| AHTS 4 - 8K | 100.0 | 97.3 | 100.0 | 99.5 | 44.5 |
| Other | 100.0 | 75.9 | 96.4 | 83.5 | 91.8 |
| Total | 77.0% | 79.9% | 84.3% | 80.5% | 66.3% |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 84.6% | 75.8% | 75.2% | 70.1% | 67.7% |
| PSV < 900 | 84.2 | 96.0 | 90.3 | 75.0 | 93.7 |
| AHTS > 16K | 29.0 | 42.0 | 63.7 | 88.5 | 66.7 |
| AHTS 8 - 16K | - | 35.9 | 35.1 | 34.4 | 64.1 |
| AHTS 4 - 8K | - | - | - | - | 56.2 |
| Other | - | - | 99.5 | - | - |
| Total | 78.2% | 76.8% | 74.5% | 67.9% | 73.1% |
| Middle East fleet: | | | | | |
| PSV > 900 | 100.0% | 100.0% | 82.6% | 38.9% | 100.0% |
| PSV < 900 | 79.4 | 82.9 | 79.2 | 76.9 | 94.0 |
| AHTS 8 - 16K | 81.8 | 69.1 | 65.1 | 95.7 | 63.7 |
| AHTS 4 - 8K | 75.3 | 79.0 | 86.0 | 81.0 | 86.3 |
| Total | 78.7% | 79.8% | 80.3% | 79.8% | 87.6% |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 82.7% | 87.7% | 88.7% | 94.8% | 88.0% |
| PSV < 900 | 77.2 | 85.8 | 81.2 | 92.0 | 79.2 |
| AHTS > 16K | 34.9 | 78.0 | 100.0 | 69.1 | 49.8 |
| Total | 80.0% | 87.2% | 87.5% | 93.3% | 84.9% |
| West Africa fleet: | | | | | |
| PSV > 900 | 66.2% | 71.0% | 66.8% | 70.1% | 96.1% |
| PSV < 900 | 89.9 | 68.8 | 53.8 | 52.4 | 68.5 |
| AHTS > 16K | 86.8 | 87.3 | 79.9 | 85.1 | 95.6 |
| AHTS 8 - 16K | 84.4 | 96.9 | 84.9 | 75.3 | 83.0 |
| AHTS 4 - 8K | 100.0 | 100.0 | 100.0 | 100.0 | 91.6 |
| Other | 87.1 | 81.2 | 64.6 | 48.4 | 57.0 |
| Total | 85.5% | 80.7% | 67.9% | 61.6% | 75.0% |
| Worldwide fleet: | | | | | |
| PSV > 900 | 80.2% | 82.5% | 83.6% | 86.2% | 85.3% |
| PSV < 900 | 82.1 | 79.6 | 73.6 | 71.0 | 76.4 |
| AHTS > 16K | 63.9 | 79.6 | 79.7 | 81.7 | 73.1 |
| AHTS 8 - 16K | 82.9 | 87.1 | 76.1 | 77.0 | 77.5 |
| AHTS 4 - 8K | 79.0 | 81.9 | 88.1 | 80.9 | 81.4 |
| Other | 88.0 | 80.5 | 68.5 | 51.8 | 60.8 |
| Total | 80.6% | 81.7% | 78.5% | 76.4% | 78.4% |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| AVERAGE VESSEL DAY RATES: (A) | | | | | |
| Americas fleet: | | | | | |
| PSV > 900 | $34,675 | $35,891 | $34,365 | $32,617 | $32,992 |
| PSV < 900 | 28,460 | 28,021 | 30,326 | 29,222 | 27,862 |
| AHTS > 16K | 36,124 | 35,038 | 35,435 | 37,252 | 35,888 |
| AHTS 8 - 16K | 13,944 | 14,368 | 13,672 | 13,151 | 13,796 |
| AHTS 4 - 8K | 22,253 | 22,733 | 22,942 | 22,943 | 21,889 |
| Other | 14,197 | 27,545 | 17,456 | 24,369 | 21,251 |
| Total | 29,501 | 30,362 | 30,487 | 29,526 | 28,733 |
| Asia Pacific fleet: | | | | | |
| PSV > 900 | 35,539 | 35,929 | 36,371 | 36,341 | 37,304 |
| PSV < 900 | 38,297 | 29,975 | 29,908 | 32,803 | 36,309 |
| AHTS > 16K | 54,481 | 59,996 | 68,580 | 48,255 | 48,843 |
| AHTS 8 - 16K | - | 13,776 | 23,531 | 28,856 | 20,764 |
| AHTS 4 - 8K | - | - | - | - | 21,890 |
| Other | - | - | 55,320 | - | - |
| Total | 37,470 | 35,025 | 39,196 | 37,372 | 36,564 |
| Middle East fleet: | | | | | |
| PSV > 900 | 26,425 | 28,955 | 16,391 | 16,929 | 16,072 |
| PSV < 900 | 14,883 | 15,405 | 13,878 | 13,469 | 13,301 |
| AHTS 8 - 16K | 14,179 | 13,033 | 12,290 | 11,889 | 12,112 |
| AHTS 4 - 8K | 12,670 | 12,487 | 12,555 | 12,443 | 12,026 |
| Total | 14,295 | 14,381 | 13,228 | 12,877 | 12,777 |
| Europe/Mediterranean fleet: | | | | | |
| PSV > 900 | 21,221 | 19,640 | 20,630 | 23,292 | 20,782 |
| PSV < 900 | 20,269 | 19,625 | 20,674 | 21,061 | 18,337 |
| AHTS > 16K | 74,726 | 46,204 | 23,122 | 33,904 | 18,613 |
| Total | 21,954 | 20,173 | 20,752 | 23,275 | 20,405 |
| West Africa fleet: | | | | | |
| PSV > 900 | 32,171 | 29,383 | 31,188 | 32,777 | 34,924 |
| PSV < 900 | 22,828 | 24,213 | 26,729 | 27,867 | 30,017 |
| AHTS > 16K | 33,884 | 32,256 | 32,746 | 32,082 | 29,568 |
| AHTS 8 - 16K | 22,825 | 23,470 | 22,524 | 23,123 | 21,204 |
| AHTS 4 - 8K | 15,510 | 15,511 | 15,516 | 16,010 | 17,387 |
| Other | 7,814 | 8,180 | 8,264 | 6,979 | 7,013 |
| Total | 20,732 | 21,583 | 21,940 | 23,035 | 24,244 |
| Worldwide fleet: | | | | | |
| PSV > 900 | 25,917 | 25,087 | 25,625 | 27,102 | 26,345 |
| PSV < 900 | 22,617 | 21,959 | 22,867 | 22,722 | 22,697 |
| AHTS > 16K | 39,900 | 36,991 | 40,037 | 38,029 | 33,966 |
| AHTS 8 - 16K | 19,621 | 20,306 | 19,931 | 19,592 | 18,945 |
| AHTS 4 - 8K | 14,062 | 13,888 | 13,902 | 13,902 | 13,255 |
| Other | 8,687 | 10,923 | 13,127 | 10,147 | 9,746 |
| Total | $22,283 | $22,044 | $22,798 | $23,166 | $22,303 |
Note (A): Average Vessel Day Rates equals Vessel Revenue / Days Worked.
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Americas | | | | | |
| Vessel revenues | $58,526 | $69,706 | $76,913 | $68,758 | $54,852 |
| Vessel operating costs: | | | | | |
| Crew costs | 19,729 | 22,429 | 22,634 | 19,652 | 17,440 |
| Repair and maintenance | 5,228 | 6,286 | 5,350 | 4,830 | 4,266 |
| Insurance | 462 | 540 | 570 | 351 | 571 |
| Fuel, lube and supplies | 2,887 | 2,739 | 2,464 | 2,215 | 2,617 |
| Other | 5,564 | 5,875 | 4,598 | 5,965 | 10,129 |
| Total vessel operating costs | 33,870 | 37,869 | 35,616 | 33,013 | 35,023 |
| Vessel operating margin ($) | 24,656 | 31,837 | 41,297 | 35,745 | 19,829 |
| Vessel operating margin (%) | 42.1% | 45.7% | 53.7% | 52.0% | 36.2% |
| Americas - Select operating statistics | | | | | |
| Average vessels - Total fleet | 33 | 36 | 35 | 34 | 33 |
| Utilization - Total fleet | 66.1% | 70.4% | 79.4% | 75.8% | 64.4% |
| Average vessels - Active fleet | 29 | 32 | 33 | 32 | 32 |
| Utilization - Active fleet | 77.0% | 79.9% | 84.3% | 80.5% | 66.3% |
| Average day rates | $29,501 | $30,362 | $30,487 | $29,526 | $28,733 |
| Vessels commencing drydocks | 4 | 3 | - | 1 | 3 |
| Deferred drydocking and survey costs - beginning balance | $19,907 | $22,400 | $25,608 | $28,443 | $31,149 |
| Cash paid for deferred drydocking and survey costs | 10,685 | 2,858 | 1,082 | 1,027 | 3,355 |
| Amortization of deferred drydocking and survey costs | (4,688) | (5,351) | (5,817) | (5,338) | (5,916) |
| Disposals, intersegment transfers and other | (5,908) | - | 1,527 | 1,476 | (145) |
| Deferred drydocking and survey costs - ending balance | $19,996 | $19,907 | $22,400 | $25,608 | $28,443 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Asia Pacific | | | | | |
| Vessel revenues | $46,564 | $42,037 | $53,786 | $45,696 | $48,228 |
| Vessel operating costs: | | | | | |
| Crew costs | 15,867 | 14,304 | 20,887 | 18,518 | 20,331 |
| Repair and maintenance | 2,957 | 3,427 | 3,842 | 3,365 | 2,270 |
| Insurance | 254 | 331 | 330 | 176 | 324 |
| Fuel, lube and supplies | 2,513 | 1,890 | 2,443 | 1,789 | 1,767 |
| Other | 1,754 | 2,369 | 2,768 | 2,317 | 2,118 |
| Total vessel operating costs | 23,345 | 22,321 | 30,270 | 26,165 | 26,810 |
| Vessel operating margin ($) | 23,219 | 19,716 | 23,516 | 19,531 | 21,418 |
| Vessel operating margin (%) | 49.9% | 46.9% | 43.7% | 42.7% | 44.4% |
| Asia Pacific - Select operating statistics | | | | | |
| Average vessels - Total fleet | 18 | 16 | 20 | 20 | 20 |
| Utilization - Total fleet | 78.2% | 76.8% | 74.5% | 67.9% | 73.1% |
| Average vessels - Active fleet | 18 | 16 | 20 | 20 | 20 |
| Utilization - Active fleet | 78.2% | 76.8% | 74.5% | 67.9% | 73.1% |
| Average day rates | $37,470 | $35,025 | $39,196 | $37,372 | $36,564 |
| Vessels commencing drydocks | 1 | 2 | 3 | 2 | 4 |
| Deferred drydocking and survey costs - beginning balance | $10,185 | $14,094 | $13,462 | $13,810 | $10,418 |
| Cash paid for deferred drydocking and survey costs | 452 | 998 | 3,340 | 2,487 | 7,253 |
| Amortization of deferred drydocking and survey costs | (2,340) | (1,998) | (2,578) | (2,428) | (2,046) |
| Disposals, intersegment transfers and other | 4,489 | (2,909) | (130) | (407) | (1,815) |
| Deferred drydocking and survey costs - ending balance | $12,786 | $10,185 | $14,094 | $13,462 | $13,810 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Middle East | | | | | |
| Vessel revenues | $45,569 | $47,021 | $42,035 | $40,215 | $43,302 |
| Vessel operating costs: | | | | | |
| Crew costs | 15,527 | 14,207 | 13,541 | 13,302 | 13,280 |
| Repair and maintenance | 3,856 | 6,153 | 4,556 | 4,261 | 4,100 |
| Insurance | 763 | 463 | 484 | 343 | 529 |
| Fuel, lube and supplies | 2,684 | 2,790 | 2,916 | 3,250 | 2,039 |
| Other | 4,075 | 4,570 | 4,242 | 4,661 | 4,588 |
| Total vessel operating costs | 26,905 | 28,183 | 25,739 | 25,817 | 24,536 |
| Vessel operating margin ($) | 18,664 | 18,838 | 16,296 | 14,398 | 18,766 |
| Vessel operating margin (%) | 41.0% | 40.1% | 38.8% | 35.8% | 43.3% |
| Middle East - Select operating statistics | | | | | |
| Average vessels - Total fleet | 45 | 45 | 43 | 43 | 43 |
| Utilization - Total fleet | 78.7% | 79.8% | 80.3% | 79.8% | 87.6% |
| Average vessels - Active fleet | 45 | 45 | 43 | 43 | 43 |
| Utilization - Active fleet | 78.7% | 79.8% | 80.3% | 79.8% | 87.6% |
| Average day rates | $14,295 | $14,381 | $13,228 | $12,877 | $12,777 |
| Vessels commencing drydocks | 8 | 9 | 8 | 11 | 4 |
| Deferred drydocking and survey costs - beginning balance | $39,996 | $38,913 | $35,355 | $31,423 | $21,792 |
| Cash paid for deferred drydocking and survey costs | 11,082 | 7,127 | 8,716 | 8,191 | 13,464 |
| Amortization of deferred drydocking and survey costs | (6,059) | (6,044) | (5,158) | (4,259) | (3,833) |
| Disposals, intersegment transfers and other | 539 | - | - | - | - |
| Deferred drydocking and survey costs - ending balance | $45,558 | $39,996 | $38,913 | $35,355 | $31,423 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Europe/Mediterranean | | | | | |
| Vessel revenues | $86,945 | $82,402 | $83,740 | $99,280 | $78,205 |
| Vessel operating costs: | | | | | |
| Crew costs | 31,699 | 29,932 | 30,104 | 29,342 | 27,111 |
| Repair and maintenance | 7,566 | 7,267 | 7,481 | 5,736 | 6,711 |
| Insurance | 699 | 806 | 797 | 417 | 848 |
| Fuel, lube and supplies | 4,651 | 3,251 | 3,469 | 2,153 | 3,147 |
| Other | 5,766 | 5,258 | 4,805 | 6,187 | 4,738 |
| Total vessel operating costs | 50,381 | 46,514 | 46,656 | 43,835 | 42,555 |
| Vessel operating margin ($) | 36,564 | 35,888 | 37,084 | 55,445 | 35,650 |
| Vessel operating margin (%) | 42.1% | 43.6% | 44.3% | 55.8% | 45.6% |
| Europe/Mediterranean - Select operating statistics | | | | | |
| Average vessels - Total fleet | 55 | 50 | 50 | 50 | 50 |
| Utilization - Total fleet | 80.0% | 87.2% | 87.5% | 93.3% | 84.9% |
| Average vessels - Active fleet | 55 | 50 | 50 | 50 | 50 |
| Utilization - Active fleet | 80.0% | 87.2% | 87.5% | 93.3% | 84.9% |
| Average day rates | $21,954 | $20,173 | $20,752 | $23,275 | $20,405 |
| Vessels commencing drydocks | 9 | 2 | 3 | 1 | 6 |
| Deferred drydocking and survey costs - beginning balance | $28,489 | $30,440 | $35,571 | $41,011 | $38,431 |
| Cash paid for deferred drydocking and survey costs | 11,214 | 1,324 | 2,103 | 1,811 | 8,786 |
| Amortization of deferred drydocking and survey costs | (7,527) | (6,184) | (6,363) | (6,919) | (6,206) |
| Disposals, intersegment transfers and other | 4,586 | 2,909 | (871) | (332) | - |
| Deferred drydocking and survey costs - ending balance | $36,762 | $28,489 | $30,440 | $35,571 | $41,011 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| West Africa | | | | | |
| Vessel revenues | $85,814 | $91,717 | $82,017 | $82,909 | $106,112 |
| Vessel operating costs: | | | | | |
| Crew costs | 16,065 | 19,300 | 18,363 | 18,662 | 18,951 |
| Repair and maintenance | 5,197 | 6,243 | 7,407 | 5,745 | 4,607 |
| Insurance | 482 | 683 | 711 | 353 | 762 |
| Fuel, lube and supplies | 3,719 | 4,557 | 5,149 | 5,700 | 4,808 |
| Other | 6,223 | 6,449 | 6,219 | 8,064 | 6,927 |
| Total vessel operating costs | 31,686 | 37,232 | 37,849 | 38,524 | 36,055 |
| Vessel operating margin ($) | 54,128 | 54,485 | 44,168 | 44,385 | 70,057 |
| Vessel operating margin (%) | 63.1% | 59.4% | 53.9% | 53.5% | 66.0% |
| West Africa - Select operating statistics | | | | | |
| Average vessels - Total fleet | 56 | 62 | 65 | 69 | 71 |
| Utilization - Total fleet | 81.5% | 75.7% | 62.3% | 57.6% | 68.8% |
| Average vessels - Active fleet | 53 | 58 | 60 | 65 | 65 |
| Utilization - Active fleet | 85.5% | 80.7% | 67.9% | 61.6% | 75.0% |
| Average day rates | $20,732 | $21,583 | $21,940 | $23,035 | $24,244 |
| Vessels commencing drydocks | 3 | 1 | 2 | 4 | 7 |
| Deferred drydocking and survey costs - beginning balance | $41,159 | $48,387 | $55,663 | $54,639 | $50,760 |
| Cash paid for deferred drydocking and survey costs | 2,948 | 1,546 | 2,404 | 10,222 | 10,481 |
| Amortization 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) | 1,815 |
| Deferred drydocking and survey costs - ending balance | $32,769 | $41,159 | $48,387 | $55,663 | $54,639 |
OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Worldwide | | | | | |
| Vessel revenues | $323,418 | $332,883 | $338,491 | $336,858 | $330,699 |
| Vessel operating costs: | | | | | |
| Crew costs | 98,887 | 100,172 | 105,529 | 99,476 | 97,113 |
| Repair and maintenance | 24,804 | 29,376 | 28,636 | 23,937 | 21,954 |
| Insurance | 2,660 | 2,823 | 2,892 | 1,640 | 3,034 |
| Fuel, lube and supplies | 16,454 | 15,227 | 16,441 | 15,107 | 14,378 |
| Other | 23,382 | 24,521 | 22,632 | 27,194 | 28,500 |
| Total vessel operating costs | 166,187 | 172,119 | 176,130 | 167,354 | 164,979 |
| Vessel operating margin ($) | 157,231 | 160,764 | 162,361 | 169,504 | 165,720 |
| Vessel operating margin (%) | 48.6% | 48.3% | 48.0% | 50.3% | 50.1% |
| Worldwide - Select operating statistics | | | | | |
| Average vessels - Total fleet | 207 | 209 | 213 | 216 | 217 |
| Utilization - Total fleet | 77.7% | 78.6% | 75.8% | 74.1% | 76.0% |
| Average vessels - Active fleet | 200 | 201 | 206 | 210 | 210 |
| Utilization - Active fleet | 80.6% | 81.7% | 78.5% | 76.4% | 78.4% |
| Average day rates | $22,283 | $22,044 | $22,798 | $23,166 | $22,303 |
| Vessels commencing drydocks | 25 | 17 | 16 | 19 | 24 |
| Deferred drydocking and survey costs - beginning balance | $139,736 | $154,234 | $165,659 | $169,326 | $152,550 |
| Cash paid for deferred drydocking and survey costs | 36,381 | 13,853 | 17,645 | 23,738 | 43,339 |
| Amortization 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 |
UNAUDITED OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Net income (loss) | $5,976 | $219,449 | $(1,018) | $72,702 | $42,320 |
| Interest and other debt costs | 16,891 | 16,715 | 16,589 | 16,442 | 16,344 |
| Income tax expense | 34,903 | (166,612) | 21,711 | 5,584 | 26,109 |
| Depreciation | 38,497 | 37,838 | 37,334 | 36,909 | 39,014 |
| Amortization of deferred drydock and survey costs | 28,122 | 28,351 | 29,070 | 27,405 | 26,418 |
| Amortization of below market contracts | - | (219) | (283) | (347) | (351) |
| EBITDA (A), (B), (C) | 124,389 | 135,522 | 103,403 | 158,695 | 149,854 |
| Non-cash indemnification assets charge (credit) | - | - | - | (112) | 834 |
| Non-cash stock compensation expense | 3,063 | 3,454 | 3,481 | 4,057 | 3,491 |
| Loss on early extinguishment of debt | - | 12 | 27,101 | - | - |
| Acquisition, restructuring and integration related costs | 1,871 | 4,064 | 3,941 | 340 | - |
| 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 Measures
We 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.
UNAUDITED OTHER FLEET AND FINANCIAL DATA
| Three Months Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Net cash provided by operating activities (A) | $19,179 | $152,960 | $72,079 | $73,658 | $80,411 |
| Cash interest expense | 31,554 | 576 | 17,735 | 11,994 | 17,505 |
| Interest 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 | - | - | - | 3 | 27 |
| Effects of exchange rate changes on cash | (1,813) | 910 | (1,377) | 11,775 | 5,562 |
| 31,096 | 145,844 | 81,455 | 90,213 | 90,248 |
| Proceeds from asset sales | 3,329 | 5,331 | 1,204 | 7,328 | 4,416 |
| Free 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 Ended |
|---|
| March 31, | December 31, | September 30, | June 30, | March 31, |
|---|
| 2026 | 2025 | 2025 | 2025 | 2025 |
|---|
| Cash provided by (used in) changes in assets and liabilities, excluding drydock payments | $(34,008) | $68,133 | $(9,210) | $(11,010) | $21,099 |
| Cash 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) |
Contacts
Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300
Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285
SOURCE: Tidewater Inc.