Tidewater Reports Q3 Revenue of $336.8M
Reports Q3 revenue $336.8M, consensus $329.39M. Quintin Kneen, Tidewater's President and Chief Executive Officer, commented, "Although 2025 was anticipated to be a down year for the offshore industry, I am pleased to say that by all measures Tidewater was able to successfully navigate these challenges to deliver one of the best years in recent memory, demonstrating the resilience of the company we've endeavored to build over the last eight years. The business generated year-over-year revenue growth, gross margin expansion and average day rate growth. Adjusted EBITDA grew by approximately 7% to just under $600 million and we generated nearly $430 million of free cash flow, far outpacing our free cash flow generation in 2024. In addition, we retired approximately 2.5 million shares through open market repurchases and netting shares related to taxes on employee share awards that would have otherwise entered the market. Lastly, we successfully reset our debt capital structure this summer and established a sizable revolving credit facility, positioning Tidewater with one of the strongest balance sheets in the offshore vessel industry. All the success we realized in 2025 is due to a persistent focus across the organization to excellence and I appreciate the effort of all employees during 2025 to achieve these outcomes."
