Financial Data and Key Metrics Changes - Revenue for the second quarter of 2025 was $341.4 million, a 2% increase from $333.4 million in the first quarter [35] - Gross margin was 50.1%, marking the third consecutive quarter above 50% [9][36] - Free cash flow generated was $98 million, the second highest since the offshore recovery began [9][44] Business Line Data and Key Metrics Changes - Average day rates increased to $23,166, a 4% rise compared to the first quarter [36] - Day rates in the Europe and Mediterranean regions improved by 14%, while the Americas saw a nearly 3% increase [41] - Africa experienced a 5% decrease in day rates quarter over quarter [41] Market Data and Key Metrics Changes - The Americas region reported a 28% increase in revenue compared to the first quarter, while Europe and Mediterranean regions saw a 27% increase [41] - The Africa region's revenue decreased by 22% compared to Q1 [41] - The overall gross margin in the Americas increased by 14 percentage points, while Europe and Mediterranean increased by 10 percentage points [41] Company Strategy and Development Direction - The company announced a $500 million share repurchase program, representing over 20% of its market capitalization [10][22] - The focus remains on pursuing M&A opportunities while balancing share repurchases [12][22] - The company is optimistic about the offshore vessel market, expecting a rebound in drilling activity in 2026 [13][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the near-term outlook appears softer than previously expected, but remains confident in long-term fundamentals [14][17] - The company anticipates a sequential decline in Q3 revenue by about 4% but expects utilization to improve in the latter half of the year [25][26] - Management expressed confidence in achieving full-year financial guidance despite near-term uncertainties [48] Other Important Information - The company successfully refinanced $650 million in unsecured bonds, enhancing financial flexibility [10][19] - The new debt structure allows for unlimited shareholder returns as long as leverage metrics are met [20][21] - The company is monitoring a significant accounts receivable balance from a primary customer in Mexico, which represents approximately 14% of total trade AR [44] Q&A Session Summary Question: Update on M&A opportunities - Management noted that discussions have become more constructive, with a growing awareness of market volatility, making transactions more feasible [51][66] Question: Outlook for drilling demand in 2026 - Management expressed optimism about increased drilling contracts and a positive outlook for the second half of 2026, with expectations for production, subsea construction, and drilling to all be active simultaneously [56][59] Question: Changes in second half expectations - Management acknowledged that second half expectations have come down slightly compared to previous guidance, particularly regarding utilization improvements [74] Question: Utilization improvement range for Q3 - Management indicated a few percentage points of utilization improvement is expected from Q2 to Q3 [80][82] Question: Factors driving lower rate outlook for Q3 - Management attributed the expected lower rates to softening in the North Sea and West Africa, along with the absence of favorable foreign exchange rates [87]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $341.4 million, exceeding expectations due to higher average day rates and improved utilization, with a gross margin of 50.1% for the third consecutive quarter [7][40] - Free cash flow generated in Q2 was $98 million, marking the second highest quarterly figure since the offshore recovery began, bringing the total for 2025 to over $192 million [8][9] - Net income for the quarter was $72.9 million, or $1.46 per share, with adjusted EBITDA at $163 million [39][41] Business Line Data and Key Metrics Changes - Average day rates reached a record of $23,166, outperforming expectations by over $1,300 per day, driven by fleet contracts and favorable foreign exchange rates [8][40] - The Americas and Europe & Mediterranean regions saw revenue increases of 28% and 27% respectively, while Africa experienced a 22% revenue decrease [45] - Gross margin improved in the Americas by 14 percentage points and in Europe & Mediterranean by 10 percentage points, while declines were noted in APAC and Africa regions [46][47] Market Data and Key Metrics Changes - The offshore vessel market is experiencing a period of uncertainty, particularly in the near term, with expectations of a rebound in drilling activity in the latter half of 2025 [15][16] - Vessel supply remains tight, with no newbuild announcements in 2025, and the number of newbuilds on order is less than 3% of the global fleet [18] - The Caribbean and South America are showing strong demand, while the North Sea and West Africa are expected to see a softening in demand [34][35] Company Strategy and Development Direction - The company is focused on a long-term capital allocation strategy that prioritizes M&A opportunities alongside a newly announced $500 million share repurchase program [10][13] - The new debt capital structure enhances financial flexibility, allowing for increased shareholder returns while maintaining a conservative leverage profile [20][24] - The company remains optimistic about future M&A transactions, with a focus on value creation for shareholders [12][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash flow generation capabilities of the business despite near-term uncertainties [19][52] - The outlook for the second half of 2025 has softened slightly compared to previous expectations, particularly regarding utilization improvements [78] - Management remains optimistic about the demand recovery in 2026, with expectations of increased drilling and subsea construction projects [66][72] Other Important Information - The company successfully refinanced $650 million in unsecured bonds, establishing a more suitable debt capital structure [9][20] - The firm backlog and options represent $585 million of revenue for the remainder of 2025, with 73% of available days captured in firm backlog [30] - The company incurred $5.2 million in capital expenditures related to various projects, projecting total capital expenditures of $37 million for the year [50] Q&A Session Summary Question: Update on M&A opportunities - Management noted that discussions have become more constructive, with a growing awareness of market volatility, making transactions more feasible [56][70] Question: Outlook for drilling demand in 2026 - Management indicated a positive outlook for 2026, with an uptick in tendering activity and contracts supporting drilling and subsea construction [62][66] Question: Changes in second half expectations - Management acknowledged that second half expectations have come down slightly, particularly regarding utilization improvements [78]

Company Overview - Tidewater operates the largest OSV fleet in the world, with 211 owned vessels[10] - The company has a significant number of hybrid vessels, totaling 18[10] - Tidewater estimates its 2025 EBITDA to be approximately $557 million[10] - The company's liquidity is over $600 million[10] - The average age of Tidewater's vessels is 12.8 years[10] Market Position and Strategy - Tidewater has been focusing on high-specification vessels, with a significant portion of its fleet consisting of PSVs >700m2 and AHTS >16k BHP[10, 14] - The company has grown its fleet through M&A, adding 83 premier vessels in the last 3 years[27] - Tidewater has a strong international footprint, operating in all major offshore regions[11] Financial Performance and Outlook - Tidewater anticipates revenue between $1.32 billion and $1.38 billion in 2025[13] - The company projects a gross margin between 48% and 50% for 2025[13] - Net Debt / 2025E EBITDA is 0.5x[10] Sustainability - Tidewater is committed to reducing its well-to-wake IMO Time CO2-e intensity from operations by 50-60% by 2030, using a 2008 base year[100]

Company Performance - Tidewater reported quarterly earnings of $1.23 per share, significantly exceeding the Zacks Consensus Estimate of $0.28 per share, representing an earnings surprise of +339.29% [1] - The company posted revenues of $341.43 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 7.50% and showing a slight increase from $339.23 million in the same quarter last year [2] - Over the last four quarters, Tidewater has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Future Outlook - The sustainability of Tidewater's stock price movement will depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.20 on revenues of $350.07 million, and for the current fiscal year, it is $3.14 on revenues of $1.34 billion [7] - The estimate revisions trend for Tidewater was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Oil and Gas - Integrated - United States industry, to which Tidewater belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Tidewater's stock performance [5]

Company Overview - As of June 30, 2025, the company owned 211 vessels with an average age of 12.8 years[97]. - The company has a broad geographic operating footprint, allowing it to respond quickly to changing local market conditions[96]. Financial Performance - Total revenue for the three months ended June 30, 2025, was $341,431,000, representing a 2% increase from $333,444,000 in the previous quarter[116]. - Net income attributable to Tidewater Inc. increased by 71% to $72,930,000 compared to $42,653,000 in the prior quarter[116]. - Operating income rose by 8% to $80,922,000 from $75,047,000 in the previous quarter[116]. - Consolidated total revenue for the six months ended June 30, 2025, was $674,875,000, a 2% increase from $660,394,000 in the same period last year[144]. - Net income attributable to Tidewater Inc. increased to $115,583,000, a 19% rise from $97,380,000 in the prior year[144]. Revenue by Segment - The Americas segment saw a 25% increase in total revenue to $68,758,000 from $54,852,000[125]. - The Asia Pacific segment reported a 5% decrease in total revenue to $45,696,000 from $48,228,000[130]. - Total revenue for the Europe/Mediterranean segment increased to $99,280,000, a 27% increase from $78,205,000 in the previous quarter[137]. - Total revenue for the West Africa segment decreased to $82,909,000, a 22% decline from $106,112,000 in the previous quarter[142]. - Total revenue for the Asia Pacific segment decreased by 9% to $93.9 million for the six months ended June 30, 2025, compared to $103.0 million in the same period of 2024[160]. - Total revenue for the Middle East segment increased by 12% to $83.5 million, up from $74.5 million in the prior year[162]. - Total revenue for the Europe/Mediterranean segment rose by 8% to $177.5 million, compared to $163.6 million in the previous year[165]. - Total revenue for the West Africa segment grew by 6% to $189.0 million, compared to $177.5 million in the same period of 2024[169]. Vessel Operations - Vessel utilization is primarily determined by market conditions and is affected by drydock and repair days, with average day rates calculated based on revenue earned during the reporting period[113]. - Average vessel day rates increased by 3.9% to $23,166 compared to $22,303 in the previous quarter[116]. - Average vessel day rates rose to $23,275, an increase of 14.1% from $20,405 in the previous quarter[137]. - Average vessel day rates in the West Africa segment increased by 22.4% to $23,699, up from $19,366 year-over-year[169]. - Utilization decreased to 74.1% from 76.0% in the previous quarter[116]. - Utilization in the West Africa segment dropped to 57.6%, down 11.2% from 68.8% in the previous quarter[142]. Costs and Expenses - The company’s operating costs include crew costs, repair and maintenance costs, and fuel costs, which can fluctuate based on various factors[102]. - General and administrative expenses increased primarily due to higher professional fees and personnel costs[127]. Cash Flow and Liquidity - The company’s liquidity is supported by cash on hand, internally generated funds, and long-term debt financing, with market conditions impacting its ability to raise capital[106]. - As of June 30, 2025, the company had $372.3 million in cash and cash equivalents, which includes amounts held by foreign subsidiaries[174]. - The company generated $115.0 million in net income and $171.4 million in cash flow from operating activities for the six months ended June 30, 2025[184]. - Working capital, including cash on hand, was $381.4 million at June 30, 2025[177]. Financing Activities - The company issued $650.0 million in 9.125% bonds maturing in July 2030 and executed a new $250.0 million revolving credit facility, replacing a previous $25.0 million facility[176]. - The company signed agreements for the construction of ten new vessels, financed with approximately EUR24.9 million ($26.7 million) at fixed interest rates ranging from 2.7% to 6.3%[180]. - During the six months ended June 30, 2025, the company repurchased 2,290,204 shares for approximately $90.0 million[182]. - Net cash used in financing activities for the six months ended June 30, 2025, was $124.4 million, including $90.1 million for share repurchases[190]. Foreign Exchange and Other Gains - Foreign exchange gains increased significantly to $19,272,000 compared to a loss of $6,461,000 in the previous year[144]. Risks and Uncertainties - The company's future performance is subject to risks and uncertainties, including fluctuations in energy demand and potential cybersecurity breaches[100]. - Recent geopolitical events, including OPEC+ production increases and U.S. tariffs, have introduced uncertainty, causing oil prices to fluctuate between the low $60s and $80 per barrel[110]. - The company’s business is exposed to macro factors such as worldwide demand for hydrocarbons and the stability of oil prices maintained by OPEC+[108].

Exhibit 99.1 Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 ● Revenue of $341.4 million, a 0.6% improvement compared to the second quarter of 2024 ● Average day rate of $23,166 per day, an improvement of $2,036 per day, or 9.6%, compared to the second quarter of 2024 ● Net income of $72.9 million and Adjusted EBITDA of $163.0 million ● Net Income and Adjusted EBITDA were favorably impacted by the $11.7 million foreign exchange gain due to the weakening of ...

Company Overview - Tidewater Inc. is a small-cap company with a market capitalization of $2.2 billion, showing improving market fundamentals and an attractive valuation that may not fully reflect its potential earnings in the coming years [1]. Investment Opportunity - The company is considered to have greater opportunities for mis-pricing and finding asymmetric investment opportunities, particularly in the context of smaller, under-covered companies where the downside risk is limited [1].

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The investment approach has evolved from focusing solely on blue-chip companies to a more diversified portfolio across various industries and market capitalizations [1] Group 2 - The entry into the US market occurred in 2020, following a period of learning and analysis through platforms like Seeking Alpha [1] - The investor has holdings in US banks, hotels, shipping, and logistics companies, indicating a strategic approach to portfolio diversification [1] - The comparative analysis between the US and Philippine markets has been a key aspect of the investment strategy, enhancing market awareness and decision-making [1]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $333.4 million, a decrease of approximately 3% from $345.1 million in Q4 2024 [33] - Gross margin was 50.1%, slightly down from 50.4% in Q4 2024, marking two consecutive quarters above 50% [34] - Free cash flow generated was about $94.7 million, down from $107 million in Q4 2024 [40] - Net income for the quarter was $42.7 million, or $0.83 per share [33] Business Line Data and Key Metrics Changes - Average day rates increased to $22,303, up from the previous quarter [34] - Active utilization improved from 77.7% in Q4 2024 to 78.4% in Q1 2025 [34] - Day rates in the Americas improved by 8% and in the Middle East by almost 5% [38] Market Data and Key Metrics Changes - The Brazilian OSV market has strengthened significantly, while the U.K. North Sea and Mexico markets face demand-side challenges [24][26] - The Middle East, Africa, and Southeast Asia have seen steady improvements in demand [24] - The overall OSV market remains above historical averages despite economic uncertainties [25] Company Strategy and Development Direction - The company views share repurchase programs as a mechanism to return capital to shareholders and take advantage of market inefficiencies [9] - M&A remains a cornerstone of growth strategy, with a focus on unlevered returns and near-term free cash flow generation [10] - The company is optimistic about the long-term fundamentals of the offshore industry despite current economic uncertainties [45] Management's Comments on Operating Environment and Future Outlook - Management noted that the uncertainty regarding global growth is high, but they are familiar with navigating such situations [12] - The outlook for 2025 aligns with prior expectations, with signs of strength in intermediate to long-term plans for customers [14] - Management remains cautious but optimistic about the potential for increased offshore activity in 2026 and beyond [14] Other Important Information - The company has no immediate need to refinance existing debt due to low leverage and no near-term maturities [19] - The company is actively monitoring the debt capital markets for potential refinancing opportunities [19] - The company expects to incur approximately $113 million in drydock costs for the year [41] Q&A Session Summary Question: What is the outlook for offshore activity in 2026 and 2027? - Management indicated that conversations with customers remain positive, with no changes to plans observed [51][53] Question: How does the company expect to benefit from assets moving out of the North Sea? - Management expects to benefit from tightening supply in the North Sea due to vessels moving to Brazil [57] Question: What is the guidance for Q2 revenue and margins? - Guidance for Q2 indicates a revenue decline of about 5% sequentially with gross margins expected at 44% [90] Question: How does the company decide whether to stack a vessel? - The decision involves various factors including rate thresholds, visibility metrics, and region-specific considerations [87] Question: What is the timeline for tenders? - The timeline for tenders varies by customer, with some taking three to six months to finalize [93]