Tidewater Inc (NYSE: TDW)

Tidewater Inc provides marine and transportation services to the global offshore energy industry. The company operates a diversified fleet of offshore service vessels and related support vessels, with 208 vessels serving customers in over 30 countries as of December 31, 2025. Its vessels support all phases of offshore crude oil and natural gas exploration, field development, production and maintenance, as well as windfarm development and maintenance activities.

Tidewater Inc generates revenue primarily from vessel time charter or similar contracts ranging in duration from a few months to several years. To a lesser extent, revenue is derived from vessel time charter contracts on a spot basis, which are short-term agreements ranging from one day to several months. The base rate of hire for a term contract is generally a fixed day rate, though some longer-term contracts have rate escalation clauses. Many charter arrangements allow the company to recover specific limited additional costs, such as fuel expenses, while on hire.

The company manages its operations through five geographically aligned reporting segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa.

• The Americas segment oversees operations in North and South America, providing marine and transportation services to customers engaged in offshore energy activities throughout the region.

• The Asia Pacific segment manages vessels and services across the Asia Pacific region, supporting offshore exploration, development, production and maintenance for customers in countries including Australia, India and Southeast Asian nations.

• The Middle East segment directs activities in the Middle East, offering vessel-based services to customers involved in offshore oil and gas projects in the Persian Gulf and surrounding waters.

• The Europe/Mediterranean segment handles operations in European and Mediterranean waters, delivering marine support for offshore energy projects in the North Sea, Mediterranean Sea and adjacent areas.

• The West Africa segment supervises vessel deployment and services along the West African coastline, assisting customers with offshore exploration, development, production and maintenance in countries such as Nigeria, Angola and Gabon.

Tidewater Inc holds a strong position within the offshore service vessel industry due to its large, diversified fleet and wide geographic distribution of assets. The company benefits from economies of scale, extensive operational experience across multiple regions and the ability to quickly respond to changing market conditions. Competitive advantages include the quality and technical capabilities of its vessels, availability of equipment, pricing and service quality, and legal ability to operate in various regions. A strong safety record and skilled workforce further enhance its market standing.

Tidewater Inc serves a diverse customer base in the offshore energy industry. Principal customers include large international integrated and independent oil and gas exploration, development and production companies, mid-sized and smaller independent exploration and production firms, foreign government-owned or government-controlled organizations engaged in oil and gas activities, offshore drilling contractors, and other service providers such as offshore construction companies, windfarm development companies, diving companies and well stimulation companies. Specific customers accounting for 10% or more of total revenues include Eni S.p. A.