Fleet and Operations - As of March 31, 2025, the company owned 214 vessels with an average age of 12.6 years[83] - The company's revenues are primarily driven by active fleet size, vessel utilization, and day rates, with operating profit largely dependent on revenue levels[86] - Vessel utilization is influenced by market conditions and drydocking requirements, with average day rates calculated based on revenue earned during the reporting period[99] - The company has experienced a sustained period of growth in offshore exploration and production over the past two years, leading to higher activity levels and day rates for vessels[94] - The company took delivery of five new crew boats in the first quarter of 2025, contributing to an increase in active utilization[103] - The company signed agreements for the construction of ten new vessels, with nine delivered by March 31, 2025, and financing agreements totaling approximately $24.9 million[135] - The company had six stacked vessels as of March 31, 2025, an increase from one stacked vessel at December 31, 2024, primarily due to idled older crew boats[128] Financial Performance - Total revenue for the three months ended March 31, 2025, was $333,444,000, a decrease of $11,641,000 or 3% compared to $345,085,000 for the previous quarter[102] - Net income attributable to Tidewater Inc. increased by $5,748,000 or 16% to $42,653,000 for the first quarter of 2025, compared to $36,905,000 in the fourth quarter of 2024[102] - Operating income decreased by $6,330,000 or 8% to $75,047,000, down from $81,377,000 in the previous quarter[102] - Average vessel day rates slightly increased by $67 to $22,303, while average total vessels increased from 216 to 217[102] - The Americas segment reported total revenue of $54,852,000, a decrease of $5,388,000 or 9% from $60,240,000 in the previous quarter[112] - The Asia Pacific segment's total revenue decreased by $2,815,000 or 6% to $48,228,000 compared to $51,043,000 in the previous quarter[115] - The Middle East segment experienced a revenue increase of $2,530,000 or 6%, reaching $43,302,000, up from $40,772,000[117] - Total revenue for the Europe/Mediterranean segment decreased by 7% to $78.2 million for the three months ended March 31, 2025, compared to $84.1 million in the previous quarter[121] - Vessel operating profit in the Europe/Mediterranean segment fell by 37% to $7.4 million, down from $11.6 million in the prior quarter[121] - In the West Africa segment, total revenue slightly decreased by 1% to $106.1 million from $107.3 million in the previous quarter[125] - Vessel operating profit in the West Africa segment decreased by 5% to $51.6 million, down from $54.2 million in the prior quarter[125] - The company generated $86.0 million in cash flow from operating activities for the three months ended March 31, 2025, compared to $54.8 million in the same period of 2024[139] - As of March 31, 2025, the company had $349.9 million in cash and cash equivalents, with $360.7 million in working capital[129] - The company repurchased 910,481 shares for approximately $39.3 million during the three months ended March 31, 2025, and an additional 1,379,723 shares for approximately $50.8 million in April 2025[137] Market Conditions and Risks - Recent geopolitical events, including OPEC+ production increases and U.S. tariffs, have introduced significant uncertainty, causing oil prices to drop to the low $60s per barrel[95] - The outlook for the offshore energy industry is influenced by worldwide demand for hydrocarbons and the willingness of energy companies to invest in offshore activities[93] - Operating costs are significantly impacted by crew costs, repair and maintenance costs, and fuel prices, which can fluctuate based on various factors[87] - The company does not generally purchase business interruption insurance, relying instead on coverage for potential liabilities stemming from third-party losses and cybersecurity breaches[89] - The primary customer in Mexico has an outstanding receivable balance of $35.1 million, with $25.5 million over 90 days past due, representing approximately 11.2% of total trade receivables[132] - The company has not experienced any material changes in market risk exposure since December 31, 2024[150] Liquidity and Financing - The company’s liquidity is primarily generated from cash flow from operations, vessel sales, and long-term debt financing[91] - Interest expense decreased due to principal payments of $12.5 million made in the first quarter of 2025, following a $14.0 million payment in the previous quarter[107] Accounting and Reporting - For detailed information on new accounting pronouncements, refer to Note (2) in the financial statements[148]

Financial Performance - Revenue for Q1 2025 was $333.4 million, a 3.8% increase compared to $321.2 million in Q1 2024[3]. - Net income for Q1 2025 was $42.7 million ($0.83 per share), down from $47.0 million ($0.89 per share) in Q1 2024[3][7]. - Operating income for Q1 2025 was $75.0 million, compared to $81.9 million in Q1 2024[19]. - Net income for the three months ended March 31, 2025, was $42,320 thousand, down 9.3% from $46,745 thousand for the same period in 2024[21]. - Total comprehensive income for the three months ended March 31, 2025, was $42,867 thousand, compared to $46,688 thousand in the same period of 2024, a decrease of 8.0%[21]. - Net income attributable to Tidewater Inc. for Q1 2025 was $42,653,000, an increase of 15.0% from $36,905,000 in Q4 2024[26]. - EBITDA for the same period was $149,854,000, compared to $133,286,000 in the prior quarter, reflecting a 12.5% increase[43]. - Adjusted EBITDA for Q1 2025 was $154,179,000, up from $138,392,000 in Q4 2024, indicating a 11.4% growth[49]. Cash Flow and Liquidity - Free cash flow for Q1 2025 was $94.7 million, demonstrating strong cash generation despite significant drydock spending[4]. - Cash flows from operating activities increased to $85,973 thousand for the three months ended March 31, 2025, compared to $54,765 thousand in the same period of 2024, marking a significant increase of 56.9%[22]. - Net cash provided by operating activities was $85,973,000, down from $91,303,000 in the previous quarter, a decline of 5.8%[49]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $349,914 thousand, up from $289,653 thousand at the end of March 31, 2024, representing a growth of 20.9%[22]. - Cash interest expense for Q1 2025 was $17,505,000, an increase from $12,816,000 in the previous quarter[49]. Revenue and Vessel Performance - Total vessel revenues increased to $330,699 thousand for the three months ended March 31, 2025, compared to $318,686 thousand in the prior year, reflecting a growth of 3.5%[24]. - Vessel revenues for Q1 2025 were $330,699,000, a decrease of 3.5% from $343,463,000 in Q4 2024[26]. - Total revenue for the worldwide fleet was $330,699,000, a decrease from $343,463,000 in the previous quarter, reflecting a decline of about 3.5%[29]. - Vessel operating margin improved to $165,720 thousand, representing 50% of total vessel revenues, compared to $151,130 thousand or 47% in the same period last year[24]. - Total vessel operating costs for the same period were $164,979,000, down from $170,384,000, reflecting a reduction of 3.4%[42]. Guidance and Future Outlook - 2025 revenue guidance is reiterated at $1.32 billion to $1.38 billion, with gross margin guidance of 48% to 50%[6][7]. - Tidewater remains well-positioned to benefit from long-term growth in offshore energy demand despite macroeconomic uncertainties[8]. Shareholder Returns - Year-to-date share repurchases totaled 2.3 million shares for $90.0 million at an average price of $39.31 per share[5][7]. - The company repurchased and retired common stock amounting to $39,712 thousand during the three months ended March 31, 2025[23]. Asset and Liability Management - Total assets decreased to $2,066,166 thousand as of March 31, 2025, from $2,074,904 thousand at December 31, 2024, representing a decline of approximately 0.4%[20]. - Total current liabilities rose slightly to $337,544 thousand as of March 31, 2025, from $331,613 thousand at December 31, 2024, an increase of approximately 1.1%[20]. - Long-term debt decreased to $555,994,000 in Q1 2025 from $571,710,000 in Q4 2024, a reduction of 2.7%[27]. - Total stockholders' equity was $1,113,624,000 in Q1 2025, marginally down from $1,114,111,000 in Q4 2024[27]. Fleet Utilization and Performance - The total fleet utilization rate for March 2025 was 76.0%, down from 81.5% in March 2024, representing a decrease of 5.5 percentage points[34]. - The total number of active vessels in the worldwide fleet decreased to 210 in March 2025 from 217 in March 2024, representing a decline of approximately 3.2%[30]. - The total available days for the worldwide fleet decreased to 18,885 in March 2025 from 19,730 in March 2024, a decline of approximately 4.3%[33]. - The average vessel day rate for the worldwide fleet was $22,303 for the three months ended March 31, 2025, an increase from $19,563 in the same period last year[36]. Regional Performance - Vessel revenues in the Americas for Q1 2025 were $54,852,000, a decrease of 9.1% from $60,240,000 in Q4 2024[37]. - Vessel revenues in the Asia Pacific for Q1 2025 were $48,228,000, a decrease of 5.3% from $51,043,000 in Q4 2024[38]. - Vessel revenues in the Middle East for Q1 2025 were $43,302,000, an increase of 3.9% from $40,772,000 in Q4 2024[39]. - In the Europe/Mediterranean region, vessel revenues were $78,205,000, down from $84,109,000, a decline of 3.4%[40]. - In West Africa, vessel revenues were $106,112,000, a slight decrease from $107,299,000, reflecting a 1.1% decline[41].

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has extensive experience in auditing with PricewaterhouseCoopers before transitioning to day trading nearly 20 years ago [2] - The individual successfully navigated significant market events including the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Core Insights - TDW+Co is collaborating with Alaska Airlines and Hawaiian Airlines to create an immersive experience at the South by Southwest festival in Austin, TX, aimed at engaging a tech-savvy audience and showcasing innovations in travel [1][2][3] Group 1: Event Details - The event will take place on March 9, 2025, at Inn Cahoots in Austin, transforming the venue into an interactive hub for attendees to explore advancements in the airline industry [2][4] - The activation will feature live tech demonstrations, curated panels, and hands-on activities, providing guests with a first-hand look at innovations from both airlines [2][3] Group 2: Innovations Highlighted - Innovations showcased will include Alaska Airlines' electronic bag tag powered by BAGTAG and BagsID's AI-powered baggage recognition technology, emphasizing a future of streamlined travel [3][4] - Attendees will have the opportunity to personalize their experience through a "Vibe Quiz" to discover their ideal travel style and destination, while the "Future Gate Vision" will highlight the commitment to seamless airport experiences [3][4] Group 3: Company Background - TDW+Co is a community-based, purpose-driven agency that focuses on authentic brand engagement and is a certified minority-owned company with a diverse workforce [5] - Alaska Airlines and Hawaiian Airlines are subsidiaries of Alaska Air Group, operating hubs in major cities and serving over 140 destinations across North America, Latin America, Asia, and the Pacific [6]

Financial Data and Key Metrics Changes - Revenue for 2024 increased by 33% year-over-year, reaching $1.35 billion compared to $1 billion in 2023 [52][56] - Average day rates improved by nearly $4,500 per day, with gross margin rising to 48.2% from 44.2% in 2023 [53][54] - Net income nearly doubled to $180.7 million from $97.2 million in 2023, and adjusted EBITDA grew by nearly 50% to $559.6 million [56][57] - Free cash flow tripled to $331 million in 2024, with $131 million generated in Q4 alone [8][66] Business Line Data and Key Metrics Changes - Active utilization decreased by approximately two percentage points to 79.2% due to higher dry dock and idle days [54] - In Q4, average day rates were flat compared to Q3, but active utilization increased from 76.2% to 77.7% [58][69] - Gross margin in Q4 reached $174 million, up from $160.8 million in Q3, marking the highest gross margin since 2009 [70] Market Data and Key Metrics Changes - Significant improvements were noted in West Africa and the Middle East, with revenues increasing by 13% and 10% respectively, while revenues declined in other regions [69] - The company anticipates fewer offshore rigs working in 2025 compared to 2024, impacting demand for offshore vessels [17][18] - Subsea demand remains strong, with expectations for increased activity in 2026 and 2027, particularly in the subsea sector [20][21] Company Strategy and Development Direction - The company is focused on value-accretive acquisitions and has a disciplined approach to capital allocation, emphasizing free cash flow generation [12][14] - A share repurchase program was initiated, with $91 million spent on repurchases in 2024, reflecting a commitment to returning capital to shareholders [10][27] - The company aims to maintain a long-term unsecured debt capital structure while evaluating refinancing opportunities as market conditions improve [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business despite a muted growth outlook for offshore drilling activity in 2025 [17][18] - The company remains optimistic about the demand for hydrocarbons and expects a tightening vessel market to support future rate increases [80][81] - Management highlighted the importance of executing daily operations effectively to capitalize on market opportunities [9][10] Other Important Information - The company plans to incur approximately $37 million in capital expenditures for 2025, focusing on vessel upgrades and IT infrastructure [65] - The firm backlog and options represent $973 million of revenue for the remainder of 2025, with 68% of available days captured in firm backlog [36] Q&A Session Summary Question: Long-term market outlook and rate increases - Management indicated that the long-term demand for hydrocarbons remains strong, and the limited number of vessels will decrease over the next few years, supporting confidence in the business [80][81] Question: Confidence in 2025 guidance - Management expressed confidence in the 2025 guidance, noting that 81% of revenue is covered by backlog, with ongoing discussions for additional contracts [86] Question: Utilization and backlog coverage - Management clarified that 81% of revenue is covered by backlog, with more coverage expected in the near term compared to later in the year, and highlighted regional differences in coverage [95] Question: Increase in receivables - The increase in receivables was primarily driven by delays in payments from PEMEX, with expectations for resolution soon [98] Question: Dry dock schedule and impact on utilization - Management acknowledged some carryovers from 2024 to 2025 in dry dock days, impacting utilization, but noted a decrease in expected dry dock days for 2025 [106] Question: Average duration of new contracts - The average duration of new term contracts in Q4 was about twelve months, with a mix of short and longer-term contracts being pursued [109][111] Question: Confidence in 2026 and 2027 demand - Management is starting to see discussions for contracts extending into 2026 and 2027, indicating confidence in future demand growth [120][121]

Tidewater (TDW) came out with quarterly earnings of $0.70 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this offshore energy services provider would post earnings of $0.79 per share when it actually produced earnings of $0.87, delivering a surprise of 10.13%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Tidewater, ...

Exhibit 99.1 Tidewater Inc. 842 West Sam Houston Parkway North, Suite 400 Houston, TX 77024, USA +1.713.470.5300 Tidewater Reports Results for the Three and Twelve Months Ended December 31, 2024 Full-year 2024 Highlights Fourth Quarter 2024 Highlights Share Repurchase Authorization and 2025 Guidance HOUSTON, February 27, 2025 - Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2024 of $345.1 million and $1,345.8 million, respectively, compared with $302.7 m ...

Part I [Business Overview](index=4&type=section&id=Item%201.%20Business) Tidewater Inc. provides marine and transportation services to the global offshore energy industry, operating a diversified fleet of 211 offshore service vessels across five geographic segments [About Tidewater and Vessel Classifications](index=4&type=section&id=About%20Tidewater%20and%20Vessel%20Classifications) Tidewater operates a 211-vessel fleet, primarily PSVs and AHTS, across five geographic segments, supporting offshore energy projects with PSVs contributing **75%** of vessel revenue - As of December 31, 2024, Tidewater operates a fleet of **211 offshore service vessels** serving customers in over 30 countries[16](index=16&type=chunk) - The company's operations are managed through five geographically aligned reporting segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa[16](index=16&type=chunk) Vessel Fleet Composition and Revenue Contribution (FY 2024) | Vessel Type | Number of Vessels (as of 12/31/2024) | % of Vessel Revenue | | :--- | :--- | :--- | | Platform Supply Vessels (PSVs) | 139 | 75

I have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I focus on banking, telco, and retail sectors. A colleague encouraged me to engage in the stock market as part of my portfolio diversification instead of putting all my savings in banks and properties. ...

Revenue and Financial Performance - Revenue for Q3 2024 was $340.4 million, a $1.1 million increase from the prior quarter[1] - Total revenues for Q3 2024 increased to $340.36 million, up from $299.26 million in Q3 2023, representing a 13.7% growth[17] - Vessel revenues for the nine months ended September 30, 2024, reached $994.17 million, up 42.3% from $698.48 million in the same period last year[17] - Total vessel revenues for the three months ended September 30, 2024, were $338.485 million, a 14% increase from $296.975 million in the same period in 2023[24] - Total revenues for Q3 2024 were $340.356 million, a slight increase from $339.230 million in Q2 2024[27] - Vessel revenues for Q3 2024 were $338.485 million, up from $337.003 million in Q2 2024[27] - Worldwide fleet total revenue for Q3 2024 was $338.485 million, showing a slight increase from $337.003 million in Q2 2024 and a significant rise from $296.975 million in Q3 2023[31] - Worldwide vessel revenues increased to $338.5 million in September 2024, up from $337.0 million in June 2024 and $318.7 million in March 2024[47] Net Income and Profitability - Net income for Q3 2024 was $46.4 million, compared to $26.2 million in Q3 2023[1] - Net income attributable to Tidewater Inc. for Q3 2024 rose to $46.37 million, compared to $26.20 million in Q3 2023, a 77.0% increase[17] - Net income attributable to Tidewater Inc. for Q3 2024 was $46.371 million, compared to $50.354 million in Q2 2024[27] - Net income for Q3 2024 was $45.99 million, a decrease from $49.92 million in Q2 2024[29] - Net income for September 2024 was $46.0 million, slightly down from $49.9 million in June 2024 but up from $37.3 million in December 2023[49] Cash Flow and Liquidity - Cash flow from operations for the first nine months of 2024 was $182.5 million, the best performance in 8 years[3] - Cash and cash equivalents as of September 30, 2024, stood at $280.84 million, slightly up from $274.44 million at the end of 2023[18] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $182.55 million, a significant increase from $57.47 million in the same period last year[21] - Net cash provided by operating activities in Q3 2024 was $49.14 million, down from $78.65 million in Q2 2024[29] - Free cash flow for Q3 2024 was $66,990 thousand, compared to $87,569 thousand in Q2 2024 and $69,373 thousand in Q1 2024[56] - Cash interest expense for Q3 2024 was $23,535 thousand, up from $14,925 thousand in Q2 2024 and $15,621 thousand in Q1 2024[56] Share Repurchases and Capital Allocation - The company repurchased 189,738 shares for $15.0 million at an average price of $79.06 per share[1] - The company anticipates share repurchase capacity to increase by close to $100 million in Q1 2025[3] - The company repurchased and retired $14.172 million worth of common stock during the three months ended September 30, 2024[22] Guidance and Outlook - Updated 2024 revenue guidance to $1.33 to $1.35 billion and gross margin guidance of 48%[1] - The company expects quarterly free cash flow generation to increase in the next two quarters[3] - The outlook on the timing of growth in offshore vessel activity has become uncertain due to concerns around slower acceleration in oil demand[6] Operating Income and Expenses - Operating income for the nine months ended September 30, 2024, was $229.97 million, a 93.0% increase from $119.12 million in the same period last year[17] - Operating income for the three months ended September 30, 2024, was $69.946 million, a 26% increase from $55.674 million in the same period in 2023[25] - Operating income for Q3 2024 was $69.946 million, a decrease from $78.127 million in Q2 2024[27] - Total operating costs and expenses for Q3 2024 were $270.410 million, up from $261.103 million in Q2 2024[27] - Total vessel operating costs worldwide increased to $178.7 million in September 2024, up from $176.5 million in June 2024 and $158.6 million in December 2023[47] Regional Performance - West Africa region contributed the highest vessel revenues at $95.324 million (28% of total) for the three months ended September 30, 2024, up from $73.650 million (25%) in the same period in 2023[24] - Asia Pacific region's vessel revenues increased by 44% to $56.283 million for the three months ended September 30, 2024, compared to $38.994 million in the same period in 2023[24] - Americas fleet revenue decreased to $64.606 million in Q3 2024 from $73.142 million in Q2 2024, with PSV > 900 vessels contributing $27.192 million[31] - Asia Pacific fleet revenue increased to $56.283 million in Q3 2024 from $55.221 million in Q2 2024, driven by PSV > 900 vessels generating $19.535 million[31] - Middle East fleet revenue remained stable at $36.947 million in Q3 2024 compared to $36.536 million in Q2 2024, with PSV < 900 vessels contributing $19.909 million[31] - Europe/Mediterranean fleet revenue rose to $85.325 million in Q3 2024 from $83.266 million in Q2 2024, with PSV > 900 vessels generating $66.808 million[31] - West Africa fleet revenue increased to $95.324 million in Q3 2024 from $88.838 million in Q2 2024, with PSV < 900 vessels contributing $41.367 million[31] Fleet Utilization and Day Rates - Average day rate increased to $22,275 per day, up $1,145 from the prior quarter[1] - The average day rate in large PSV and anchor handler fleets showed sequential quarterly improvement[2] - Vessel operating margin for the three months ended September 30, 2024, was 47%, up from 45% in the same period in 2023[24] - Vessel operating margin for Q3 2024 was $159.831 million, slightly down from $160.490 million in Q2 2024[27] - Worldwide fleet total average vessel day rates increased to $22,275 in September 2024 from $17,865 in September 2023, a growth of 24.7%[40] - PSV > 900 worldwide average vessel day rates increased to $25,883 in September 2024 from $22,804 in September 2023, up by 13.5%[40] - AHTS > 16K worldwide average vessel day rates rose to $41,721 in September 2024 from $26,293 in September 2023, marking a 58.7% increase[40] - AHTS 8 - 16K worldwide average vessel day rates grew to $18,087 in September 2024 from $15,533 in September 2023, an increase of 16.4%[40] - AHTS 4 - 8K worldwide average vessel day rates increased to $11,990 in September 2024 from $9,368 in September 2023, up by 28.0%[40] Debt and Liabilities - Long-term debt decreased to $597.35 million as of September 30, 2024, from $631.36 million at the end of 2023[18] - Long-term debt decreased to $597.35 million in September 2024 from $607.99 million in June 2024[28] - Principal payments on long-term debt in Q3 2024 were $62.50 million, significantly higher than $14.01 million in Q2 2024[29] Stockholders' Equity and Assets - Total stockholders' equity increased to $1.12 billion in September 2024 from $1.08 billion in June 2024[28] - Accumulated deficit improved to ($541.19 million) in September 2024 from ($573.39 million) in June 2024[28] - Total assets decreased to $2.05 billion in September 2024 from $2.09 billion in June 2024[28] - Total equity increased to $1.11 billion in September 2024 from $1.08 billion in June 2024[28] Depreciation and Amortization - Depreciation and amortization expenses for the nine months ended September 30, 2024, totaled $178.15 million, compared to $121.16 million in the same period last year[17] - Depreciation expenses for Q3 2024 were $39.24 million, slightly lower than $39.38 million in Q2 2024[29] - Amortization of deferred drydocking and survey costs increased to $23.20 million in Q3 2024 from $20.07 million in Q2 2024[29] Foreign Exchange and Other Items - Foreign exchange gain for Q3 2024 was $5.522 million, compared to a loss of $2.376 million in Q2 2024[27] - Foreign exchange gains (losses) for Q3 2024 were $5,522, compared to $(2,376) in Q2 2024, $(4,085) in Q1 2024, $2,250 in Q4 2023, and $(2,149) in Q3 2023[50] Miscellaneous - Corporate expenses for the three months ended September 30, 2024, were $14.655 million, a 47% increase from $9.961 million in the same period in 2023[25] - General and administrative expenses for the three months ended September 30, 2024, included $3.7 million in stock-based compensation, up from $2.4 million in the same period in 2023[25] - Stock-based compensation expense in Q3 2024 was $3.57 million, slightly higher than $3.46 million in Q2 2024[29] - EBITDA for Q3 2024 includes non-cash stock-based compensation expense of $3,569, compared to $3,460 in Q2 2024, $2,766 in Q1 2024, $3,508 in Q4 2023, and $2,496 in Q3 2023[50]