PresentationThank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wilson Sons UltraTug Offshore acquisition [Operator Instructions] I would now like to turn the call over to West Gotcher, Senior Vice President of Strategy and Corporate Development and Investor Relations. Please go ahead.West GotcherSenior Vice President of Strategy, Corporate Development & IR Thank you, Kate. Good morning, everyone, and welcome to Tide ...

Tidewater (NYSE: TDW) Acquisition of Wilson Sons Ultratug Offshore - Key Points Summary Company and Industry Overview - **Company**: Tidewater Inc. (NYSE: TDW) - **Acquisition Target**: Wilson Sons Ultratug Offshore - **Industry**: Offshore Supply Vessel (OSV) market, particularly focused on the Brazilian market Core Points and Arguments 1. **Acquisition Announcement**: Tidewater has entered into a definitive agreement to acquire Wilson Sons Ultratug Offshore for **$500 million** in an all-cash transaction [4][12] 2. **Fleet Expansion**: The acquisition will increase Tidewater's fleet in Brazil from **6 vessels to 28 vessels**, significantly enhancing its presence in the world's largest offshore supply vessel market [5][8] 3. **Regulatory Advantages**: The vessels acquired come with regulatory protections under Brazilian law, providing a competitive edge over foreign vessels in local operations [6][10] 4. **Financial Metrics**: The Wilson Sons business is expected to generate approximately **$220 million** in revenue with a gross margin of about **58%** over the first 12 months post-acquisition [14] 5. **Debt Structure**: The acquisition includes the assumption of approximately **$261 million** of debt with a weighted average cost of **3.6%**, which is considered attractive for the overall transaction economics [12][13] 6. **Market Outlook**: There is a strong long-term growth outlook for the Brazilian market, supported by Petrobras' five-year plan and increasing demand from other operators [9][10][20] 7. **Operational Synergies**: While no significant G&A synergies are expected immediately, there is potential for revenue synergies through the REB capacity that the Wilson fleet provides [36][56] Additional Important Insights 1. **Market Demand**: The Brazilian market is currently short on vessels, with only **20%** of vessels working in Brazil being international-flagged, indicating a strong demand for Brazilian-flagged vessels [10] 2. **Fleet Quality**: The Wilson fleet is noted for its consistent build quality and operational efficiency, which is expected to streamline supply chain management and technical planning [9][42] 3. **Future Opportunities**: Tidewater is exploring potential expansion opportunities beyond Brazil, particularly in West Africa, while also considering share repurchases if no suitable acquisitions are found [31][48] 4. **Maintenance and CapEx**: The fleet is in good condition, with 21 of the 22 vessels currently working, and future CapEx and maintenance schedules will be evaluated as the fleet integrates into Tidewater's operations [38][44] This summary encapsulates the key points from the conference call regarding Tidewater's acquisition of Wilson Sons Ultratug Offshore, highlighting the strategic importance of the deal and the anticipated benefits for Tidewater in the Brazilian offshore supply vessel market.

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) ("Tidewater†) today announced that it has entered into a definitive agreement to acquire all of the outstanding shares of Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. (collectively, "WSUT†) at an enterprise value of approximately $500 million, including the assumption of WSUT's existing debt (the "Transaction†). Strategic Rationale Quintin Kneen, Tidewater's President and Chief Executive Officer, commente ...

Wilson Sons UltraTug Offshore Acquisition Investor Presentation February 22, 2026 tdw.com Forward-looking Statements In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this communication are forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact, incl ...

Core Insights - Robotti Value Investors emphasizes the importance of recognizing opportunities in cyclical sectors where market fundamentals are not yet acknowledged, particularly in 2025 [1] Group 1: Market Developments - The firm notes that 2025 is validating Dornbusch's theorem, with significant market developments such as rising gold prices and a broader geographic leadership in markets [1] - Emerging opportunities are identified in housing, offshore industries, and data storage, which are characterized by misunderstood fundamentals and narratives that lag behind actual market conditions [1] Group 2: Company Focus - Tidewater Inc. - Tidewater Inc. (NYSE:TDW) is highlighted as a key investment, providing offshore support vessels and marine support services to the offshore energy sector [2] - The stock of Tidewater Inc. has shown a one-month return of 21.72% and a 52-week gain of 28.57%, closing at $69.93 per share with a market capitalization of $3.47 billion as of February 13, 2026 [2] - The rapid repricing of Tidewater Inc. reflects a significant shift from deeply discounted levels to a valuation that incorporates expected earnings growth, driven by years of underinvestment and consolidation in the offshore energy sector [3]

Company Overview - Tidewater Inc. is a leading provider of marine support services to the global offshore energy industry, operating a diversified fleet and delivering critical logistics and transportation solutions [6] - The company supports complex offshore projects, including oil, gas, and renewable energy developments, positioning itself as a key partner for energy operators [6] - As of February 11, 2026, Tidewater's market capitalization is $3.53 billion, with a revenue of $1.36 billion and a net income of $151.68 million [4] Recent Financial Performance - Tidewater's latest quarter revenue reached $341.1 million, essentially flat year over year, while adjusted EBITDA was $137.9 million [10] - For the first nine months, net income attributable to shareholders was $114.8 million, and management tightened full-year revenue guidance to a range of $1.33 billion to $1.35 billion [10] - The company introduced a revenue range of $1.32 billion to $1.37 billion for the next year, along with a remaining $500 million share repurchase authorization [10] Market Position and Stock Performance - As of February 11, shares of Tidewater were priced at $71.16, reflecting a 29.6% increase over the prior 12 months, outperforming the S&P 500's roughly 14% gain in the same period [3] - Tidewater's vessel utilization sits near 76% fleetwide, with average day rates at $22,798 [12] Recent Transactions - Sagil Capital LLP fully exited its position in Tidewater by selling 201,763 shares in the fourth quarter for an estimated $10.76 million [1][2] - The sale reflects both the share sale and underlying price changes, indicating that gains may already be priced in after a significant run [11]

Group 1 - Black Bear Value Fund reported a return of +0.2% in December 2025, resulting in a total return of -12.6% for the year, while the S&P 500 returned +0.1% in December and +17.9% for 2025 [1] - The Fund has experienced a loss of 10-15% over the past two years in a rising market environment, indicating a divergence from the S&P 500 index [1] - The Fund is optimistic about its portfolio holdings, anticipating a significant rerating as they are at the end of a capital-investment cycle [1] Group 2 - Tidewater Inc. (NYSE:TDW) is highlighted as a key investment, providing offshore support vessels and marine services to the offshore energy industry [2][3] - Tidewater Inc. achieved a one-month return of 15.90% and an 18.82% increase over the last 52 weeks, with a stock price of $66.35 and a market capitalization of $3.289 billion as of February 6, 2026 [2] - The long-term outlook for international and offshore markets is strong, with expectations of a rebound in offshore capital commitments in the next 1-2 years despite a cloudier near-term outlook [3]

Core Insights - Rimini Street, Inc. has expanded its partnership with Tidewater, the largest offshore service vessel fleet operator, enhancing its role as a third-party support provider for enterprise software solutions [1][9] Group 1: Partnership Expansion - The partnership began in Brazil, where Tidewater selected Rimini Street for support of its Oracle PeopleSoft ERP system, leading to further collaboration on SAP and tax software solutions [2][4] - Rimini Street's successful engagement in Brazil resulted in a global work award, facilitating a seamless implementation across Tidewater's worldwide operations [2][4] Group 2: Service Offerings - Tidewater expanded its portfolio with Rimini Street to include Rimini Connect™ and Rimini Consult™, addressing interoperability issues and providing tailored professional services [4][5] - Rimini Connect™ is utilized by Tidewater to ensure a disruption-free solution for security patch management, while Rimini Consult offers expertise for consolidating ERP systems [4][5] Group 3: Client Satisfaction - Tidewater's CIO, Lee Johnson, highlighted the effective communication and technical expertise provided by Rimini Street, resulting in cost savings and improved system performance [3][5] - The partnership has enabled Tidewater to automate tax reporting and unlock operational efficiencies, allowing the company to focus on high-value initiatives [6] Group 4: Strategic Value - Rimini Street is recognized as a trusted advisor and strategic partner, helping Tidewater navigate technical challenges and drive innovation [7] - The collaboration is aimed at creating value for Tidewater's business, with a focus on fast and lasting results [5][6]

Group 1 - The article discusses the need to explore new investment opportunities after a previous target price was exceeded in CMBT within a month [1] - The author expresses familiarity with a particular company and indicates a potential interest in initiating a long position in TDW within the next 72 hours [1]

Company Performance - Night Watch Investment Management reported a 4.28% net appreciation in its fund LP for Q3 2025, with a year-to-date performance of 25.88% [1] - The portfolio continued to perform strongly during the quarter, coinciding with a robust market recovery [1] Tidewater Inc. Overview - Tidewater Inc. (NYSE:TDW) provides offshore support vessels and marine support services to the offshore energy industry, with a one-month return of 5.40% and a 52-week gain of 21.66% [2] - As of December 5, 2025, Tidewater Inc. shares closed at $57.63, with a market capitalization of $2.856 billion [2] Investment Strategy and Insights - Night Watch Investment Management has fully exited its energy positions, including Tidewater Inc., due to a pause in offshore spending that began in 2024, with no expected resumption until at least 2027 [3] - The company experienced a modest loss of 2.67% on its energy positions, which have been the only significant detractor from performance since inception [3] Hedge Fund Interest - Tidewater Inc. was held by 40 hedge fund portfolios at the end of Q3 2025, an increase from 29 in the previous quarter [4] - Despite recognizing the potential of Tidewater Inc. as an investment, the company believes that certain AI stocks present greater upside potential and lower downside risk [4]