Tidewater Stock Has Surged Nearly 70% This Year, but One Fund Sold $5 Million in Shares Before the Rally

Company Overview - Tidewater is a leading provider of marine support services to the global offshore energy industry, operating a diverse fleet that enables critical exploration, development, and production activities [6] - The company serves both traditional oil and gas markets as well as the growing offshore wind sector, leveraging its scale and technical expertise [6] - Tidewater's established customer relationships and comprehensive service offerings provide a competitive advantage in a cyclical and capital-intensive industry [6] Financial Performance - For the year 2025, Tidewater's revenue climbed to approximately $1.35 billion, driven by improved vessel utilization and day rates [10] - Net income for 2025 totaled $333.5 million, an increase from $179.3 million the previous year, positively impacted by a non-cash deferred tax benefit of $201.5 million [10] - As of the latest report, Tidewater's market capitalization is $4 billion, with a revenue of $1.36 billion and a net income of $151.68 million on a trailing twelve months (TTM) basis [4] Stock Performance - Tidewater shares have more than doubled over the past year, trading around $87, which represents a 106% increase, significantly outperforming the S&P 500's roughly 16% gain in the same period [7] - The majority of the stock's surge occurred this year, with shares up 67%, while the year through the end of the last quarter showed roughly flat performance [9] Recent Transactions - On February 17, 2026, Grizzlyrock Capital disclosed a sale of 94,075 shares of Tidewater, reducing its position in the company by this amount during the fourth quarter of 2025 [2] - The estimated transaction value was $4.97 million based on the quarter's average unadjusted closing price, and the quarter-end value of the remaining stake fell by $5.12 million [2][10] - Following this transaction, Tidewater represented 1.4% of Grizzlyrock Capital's reportable assets under management as of December 31, 2025 [7]