Tidewater Inc., together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of offshore marine service vessels worldwide. The company operates through five segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa. It offers phases of offshore crude oil and natural gas exploration, field development, production, maintenance, and windfarm development and maintenance activities; towing and anchor handling for mobile offshore drilling units; transportation of supplies and personnel necessary to sustain drilling, workover, and production operations; and field abandonment, dismantlement, and restoration activities. The company also provides offshore construction; seismic and subsea support; various other specialized services, such as pipe laying, cable laying, and geotechnical survey support for windfarm construction. Its vessels consist of anchor handling towing supply vessels, platform supply vessels, and other specialty vessels, as well as crew boats, utility vessels, and offshore tugs. The company serves integrated and independent oil and gas exploration, development, and production companies; mid-sized and smaller independent exploration and production companies; foreign government-owned or government-controlled organizations engaged in the exploration, development, and production of oil and gas; offshore drilling contractors; and other companies that provide services to the offshore energy industry comprising offshore construction companies, windfarm development companies, diving companies, and well stimulation companies. Tidewater Inc. was incorporated in 1956 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $437M | $335M | $353M | 24.5% | 0.5% | 85.2% |
| 2024 | $1.3B | $459M | $181M | $255M | 16.2% | 33.3% | 85.9% |
| 2023 | $1.0B | $316M | $97M | $73M | 9.4% | 55.9% | -546.8% |
| 2022 | $648M | $98M | $-22M | $24M | -2.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 647.68 | 1,009.98 | 1,345.84 | 1,352.79 |
| Operating Revenue | - | 641.40 | 998.99 | 1,337.64 | 1,338.93 |
| Cost Of Revenue | - | 518.59 | 741.19 | 939.43 | 949.34 |
| Gross Profit | - | 129.09 | 268.80 | 406.40 | 403.44 |
| Operating Expense | - | 99.90 | 94.19 | 110.10 | 126.19 |
| Selling General And Administration | - | 99.90 | 94.19 | 110.10 | 126.19 |
| Total Expenses | - | 618.49 | 835.38 | 1,049.53 | 1,075.53 |
| Operating Income | - | 29.20 | 174.60 | 296.30 | 277.26 |
| Total Operating Income As Reported | - | 26.71 | 182.22 | 311.35 | 282.60 |
| EBITDA | - | 98.40 | 316.18 | 458.62 | 437.43 |
| Normalized EBITDA | - | 117.90 | 309.94 | 458.85 | 436.52 |
| EBIT | - | 14.88 | 187.40 | 302.46 | 286.33 |
| Interest Income | - | 5.40 | 6.52 | 6.38 | 8.17 |
| Interest Expense | - | 17.19 | 48.47 | 72.97 | 66.09 |
| Net Interest Income | - | -11.79 | -41.96 | -66.58 | -57.92 |
| Other Income Expense | - | -19.71 | 6.28 | -0.23 | 0.91 |
| Interest Income Non Operating | - | 5.40 | 6.52 | 6.38 | 8.17 |
| Interest Expense Non Operating | - | 17.19 | 48.47 | 72.97 | 66.09 |
| Net Non Operating Interest Income Expense | - | -11.79 | -41.96 | -66.58 | -57.92 |
| Pretax Income | - | -2.31 | 138.93 | 229.49 | 220.24 |
| Tax Provision | - | 19.89 | 43.31 | 50.22 | -113.21 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.09 | 1.95 | -0.05 | 0.19 |
| Net Income Continuous Operations | - | -22.19 | 95.62 | 179.27 | 333.45 |
| Net Income From Continuing And Discontinued Operation | - | -21.75 | 97.18 | 180.66 | 334.66 |
| Net Income From Continuing Operation Net Minority Interest | - | -21.75 | 97.18 | 180.66 | 334.66 |
| Net Income | - | -21.75 | 97.18 | 180.66 | 334.66 |
| Net Income Common Stockholders | - | -21.75 | 97.18 | 180.66 | 334.66 |
| Net Income Including Noncontrolling Interests | - | -22.19 | 95.62 | 179.27 | 333.45 |
| Normalized Income | - | -6.35 | 92.89 | 180.84 | 333.94 |
| Diluted NI Availto Com Stockholders | - | -21.75 | 97.18 | 180.66 | 334.66 |
| Basic Average Shares | - | 44.13 | 51.59 | 52.45 | 50.05 |
| Diluted Average Shares | - | 44.13 | 52.94 | 53.07 | 50.43 |
| Reconciled Depreciation | - | 83.52 | 128.78 | 156.17 | 151.10 |
| Reconciled Cost Of Revenue | - | 518.59 | 741.19 | 939.43 | 949.34 |
| Total Unusual Items | - | -19.49 | 6.24 | -0.23 | 0.91 |
| Total Unusual Items Excluding Goodwill | - | -19.49 | 6.24 | -0.23 | 0.91 |
| Minority Interests | - | 0.44 | 1.56 | 1.38 | 1.21 |
| Special Income Charges | - | -2.49 | 7.61 | 15.05 | -21.78 |
| Other Special Charges | 11.10 | - | - | - | 27.11 |
| Write Off | 0.40 | 0 | 0 | - | - |
| Impairment Of Capital Assets | 15.64 | 0.71 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | 2.02 | 1.09 | 0.72 | 8.35 |
| Gain On Sale Of Security | - | -17 | -1.37 | -15.28 | 22.68 |
| General And Administrative Expense | - | 99.90 | 94.19 | 110.10 | 126.19 |
| Other Gand A | - | 50.99 | 43.85 | 42.94 | 50.19 |
| Salaries And Wages | - | 48.91 | 50.34 | 67.16 | 76 |
| Gain On Sale Of Ppe | - | 0.25 | 8.70 | 15.76 | 13.68 |
| Earnings From Equity Interest | - | -0.22 | 0.04 | 0 | 0 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Tidewater Inc.this co. | TDW | $3.7B | 11.04 | 2.71 | 24.5% | 8.67 |
| Cactus, Inc. | WHD | $4.1B | 24.62 | 3.33 | 13.5% | 12.23 |
| Comstock Resources, Inc. | CRK | $4.1B | 9.67 | 1.53 | 15.9% | 5.06 |
| Crescent Energy Company | CRGY | $4.0B | 30.32 | 0.78 | 2.6% | 5.84 |
| Oceaneering International, Inc. | OII | $4.0B | 11.22 | 3.71 |
| - |
| - |
| - |
| - |
| 33.0% |
| 9.77 |
| Helmerich & Payne, Inc. | HP | $4.0B | -24.17 | 1.45 | -6.0% | 9.06 |
| International Seaways, Inc. | INSW | $3.9B | 12.56 | 1.92 | 15.3% | 8.43 |
| Peabody Energy Corporation | BTU | $3.8B | -71.88 | 1.08 | -1.5% | 9.47 |
| CVR Energy, Inc. | CVI | $3.4B | 125.66 | 4.65 | 3.7% | 7.89 |
| Peer Median | - | 11.89 | 1.73 | 8.6% | 8.75 | |