Tidewater(US:TDW)2025-05-05 21:15Company 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]