Tidewater Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $1.35 billion, a 33% increase from $1.01 billion in 2023. The company's net income also saw a substantial rise, climbing 87% to $179.3 million compared to $95.6 million in the previous year. This growth was primarily driven by higher average day rates for its vessels and the full-year impact of the acquisition of 37 platform supply vessels from Solstad Offshore ASA, which contributed approximately $269.3 million to revenue.
The company experienced notable changes in operational metrics, with average vessel day rates increasing by 26.6% to $21,273. However, active utilization slightly decreased to 79.2% from 81.2% in 2023, attributed to higher idle time between contracts and increased drydock days. Tidewater's fleet consisted of 211 vessels as of December 31, 2024, with 210 active and one stacked, reflecting a strategic focus on maintaining a diversified and capable fleet to meet customer demands across various geographic regions.
Strategically, Tidewater has made significant acquisitions, including the Solstad vessels and the earlier acquisition of Swire Pacific Offshore Holdings Ltd. in 2022, which added 50 vessels to its fleet. These acquisitions have expanded Tidewater's operational footprint, allowing it to serve customers in over 30 countries. The company has also engaged in a share repurchase program, repurchasing approximately 1.38 million shares for $90.7 million during 2024, reflecting a commitment to returning value to shareholders.
Looking ahead, Tidewater anticipates continued growth in offshore oil and gas markets, driven by increasing demand for hydrocarbons and a favorable supply-demand balance. The company expects that ongoing geopolitical factors and inflationary trends will contribute to volatility in energy prices, which could impact capital spending by its customers. Despite these uncertainties, Tidewater remains optimistic about its operational performance and the potential for further expansion in offshore support services, particularly in the renewable energy sector, including offshore wind farm developments.
About TIDEWATER INC
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