Tidewater Inc. Reports $333.4 Million Revenue in Q1 2025, Net Income Declines

Tidewater Inc. reported a total revenue of $333.4 million for the first quarter of 2025, reflecting a 3.6% increase from $321.2 million in the same period of the previous year. The company's vessel revenues rose to $330.7 million, up from $318.7 million year-over-year. However, net income decreased to $42.7 million, down from $47.0 million in the prior year, resulting in a diluted earnings per share of $0.83 compared to $0.89. The decline in profitability was attributed to increased general and administrative expenses and a lower gain on asset dispositions.

In terms of operational performance, Tidewater's total vessel utilization was reported at 76.0%, a slight decrease from 77.6% in the previous quarter. Active utilization improved marginally to 78.4% from 77.7%. The company took delivery of five new crew boats during the quarter, which contributed to the increase in active utilization, while two older vessels were sold. The average vessel day rates increased slightly to $22,303, up from $22,236 in the previous quarter.

Tidewater's balance sheet showed total assets of $2.07 billion as of March 31, 2025, a decrease from $2.08 billion at the end of 2024. Current liabilities increased to $337.5 million from $331.6 million, while long-term debt decreased to $556.0 million from $571.7 million. The company reported cash and cash equivalents of $341.8 million, up from $324.9 million at the end of the previous year. The increase in cash was primarily due to strong cash flow from operating activities, which totaled $86.0 million for the quarter.

Strategically, Tidewater has been active in share repurchases, having repurchased approximately 910,481 shares for $39.3 million during the first quarter, with an additional 1.4 million shares repurchased in April. The company has a share repurchase program approved for up to $90.3 million. Looking ahead, Tidewater's management expressed cautious optimism regarding market conditions, noting that while recent geopolitical events and OPEC+ production decisions have introduced uncertainty, they expect continued demand for offshore services driven by long-cycle offshore developments and production capacity expansions.

Overall, Tidewater Inc. continues to navigate a complex market environment while focusing on operational efficiency and strategic growth through fleet expansion and share repurchase initiatives. The company remains committed to maintaining compliance with its financial covenants and managing its liquidity effectively to support ongoing operations and future investments.