March 2026 Investor Presentation tdw.com Forward-looking Statements This presentation 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 a ...

Company Overview - Tidewater has the largest OSV fleet in the world, with 209 owned vessels[10] - The company has a significant number of hybrid vessels, totaling 18[10] - Tidewater's fleet has a high specification, with approximately 68% of OSVs meeting high standards[10] - The company boasts strong liquidity, exceeding $680 million[10] - The average age of Tidewater's vessels is 13 years[10] - The company's estimated EBITDA for 2025 is approximately $552 million[10] - Tidewater's market capitalization stands at $2.7 billion[10] - The net debt to 2025E EBITDA ratio is 0.4x[10] Market Overview - Global shipyard capacity has decreased by approximately 57%[67] - Approximately 37% of the active OSV fleet will age beyond 25 years over the next decade[76] Financials - Tidewater refinanced its debt in July 2025, issuing $650 million in senior unsecured notes due in July 2030[95]

Company Overview - Tidewater operates the largest OSV fleet in the world with 214 owned vessels[10] - The company has a significant number of hybrid vessels, totaling 18, which is the largest hybrid fleet in the world[10] - Tidewater estimates its 2025 EBITDA to be approximately $558 million[10] - The company's fleet includes 190 OSVs, with a significant presence in Europe (50 OSVs), Africa (49 OSVs), and the Middle East (41 OSVs)[14, 19] Market Overview - Global offshore capex is expected to rebound meaningfully in 2026 and remain elevated in 2027[52] - Newbuild economics require a through-cycle average day rate of approximately $44k/day to achieve "NPV Zero" based on a 20-year useful life for European-built PSVs greater than 900m2[65] - Global shipyard capacity has decreased by approximately 50%[69] Financials - Tidewater projects its 2025 revenue to be $1346 million[82] - The company's adjusted EBITDA for 2025 is projected to be $558 million, representing a 41% margin[82, 86] - Tidewater's net debt to 2025E EBITDA ratio is 05x[10]