Tidewater Inc reported second-quarter 2026 results with revenue of $342.29M, essentially flat year over year, while net income and diluted EPS declined versus the prior-year quarter amid higher operating costs and regional redeployments.
Financial Highlights
| MetricCurrent quarterPrior year quarterYoY change | Revenue¹$342.29M$341.43M0.3% | Net income²$21.66M$72.93M(70.3%) | Diluted EPS³$0.43$1.46(70.5%) |
¹ Reported as “Total revenue”. ² Reported as “Net income attributable to Tidewater Inc.”. ³ Reported as “Diluted income per common share”.
Business Highlights
- Revenue momentum: Q2 revenue rose 5% sequentially to $342.3M driven by higher utilization and day rates, particularly in Europe/Mediterranean.
- Geographic and channel shifts: Fleet redeployments increased activity in Europe/Mediterranean and Asia Pacific (Australia); vessel counts in West Africa declined.
- Operational cost drivers: Higher crew, repair and fuel costs — including war-risk premiums and increased travel in the Middle East — lifted vessel operating expenses.
- Fleet and capacity: Owned fleet totaled 204 vessels at June 30, 2026 (average age 13.6 years); Tidewater is acquiring 22 Brazilian PSVs (Wilson) with expected close around September 2026.
- Outlook and risks: Management expects the offshore upcycle to continue but cited Middle East conflict and macro volatility as near-term uncertainties.
Original SEC Filing:
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