Tidewater Inc. Reports $326.2 Million Revenue, Announces Acquisition of Wilson Sons Ultratug

Tidewater Inc. reported a total revenue of $326.2 million for the three months ended March 31, 2026, a decrease of 3% from $333.4 million in the same period last year. The decline in revenue was primarily attributed to lower vessel utilization and a reduced vessel count, although this was partially offset by an increase in average day rates, which rose to $22,283 from $22,044. The company's operating income also fell to $58.98 million, down 8% from $75.05 million year-over-year, while net income attributable to Tidewater Inc. decreased significantly to $6.14 million from $42.65 million in the prior year.

In terms of operational metrics, Tidewater's total vessel utilization decreased to 77.7% from 78.6% in the previous quarter, with active utilization also declining from 81.7% to 80.6%. The average number of vessels in service decreased to 207 from 209, and the company sold two older vessels during the quarter, generating approximately $3.3 million in proceeds. The reduction in vessel count and utilization was particularly pronounced in the Americas segment, where revenue dropped by 16% to $58.53 million, driven by lower active utilization and day rates.

Strategically, Tidewater announced a definitive agreement on February 22, 2026, to acquire Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services S.A. for $500 million, subject to adjustments for the assumption of approximately $239.7 million in debt. This acquisition is expected to enhance Tidewater's operational capacity in Brazil, where the Wilson Companies operate 22 platform supply vessels. The transaction is anticipated to close in late Q2 2026, pending regulatory approvals.

The company's financial position remains stable, with cash and cash equivalents totaling $552.3 million as of March 31, 2026, down from $578.8 million at the end of 2025. Tidewater's working capital stood at $629.7 million, which includes $5.8 million in current maturities on long-term debt. The company has a borrowing capacity of $250 million under its revolving credit facility, which remains undrawn. Despite the challenges posed by geopolitical tensions, particularly in the Middle East, Tidewater expects to maintain sufficient liquidity to fund its operations and strategic initiatives.

Looking ahead, Tidewater's management remains optimistic about the offshore energy market, citing a sustained demand for hydrocarbons and the strategic importance of energy security. The company anticipates that ongoing geopolitical conflicts may lead to increased investment in offshore developments, which could benefit Tidewater's operations. However, management acknowledges the inherent uncertainties in the market, including fluctuations in oil and gas prices and the potential impact of global economic conditions on demand for offshore services.