Tidewater Inc. Reports $341.4 Million Revenue in Q2 2025, Net Income Rises to $72.9 Million

Tidewater Inc. reported a total revenue of $341.4 million for the second quarter of 2025, reflecting a slight increase of 0.6% from $339.2 million in the same period last year. The company's vessel revenues remained stable at $336.9 million, while other operating revenues surged to $4.6 million, up from $2.2 million a year earlier. For the first half of 2025, total revenue reached $674.9 million, a 2.2% increase compared to $660.4 million in the first half of 2024. The net income attributable to Tidewater Inc. for the second quarter was $72.9 million, a significant rise from $50.4 million in the prior year, while net income for the first half was $115.6 million, up from $97.4 million.

In terms of operational performance, the company experienced a decline in vessel utilization, which fell to 74.1% in the second quarter from 76.0% in the previous quarter. Active utilization also decreased to 76.4% from 78.4%. Despite this, average vessel day rates improved to $23,166, a 3.9% increase from the previous quarter. The company took delivery of one new crew boat during the quarter and sold four older vessels, contributing to the changes in utilization rates. The total number of vessels owned by Tidewater remained at 211, with an average age of 12.8 years.

Tidewater's financial position showed a slight decrease in total assets, which stood at $2.074 billion as of June 30, 2025, compared to $2.075 billion at the end of 2024. The company reported cash and cash equivalents of $369.4 million, an increase from $324.9 million at the end of the previous year. Current liabilities rose to $343.1 million, up from $331.6 million, primarily due to an increase in the current portion of long-term debt. The company’s long-term debt decreased to $531.9 million from $571.7 million, reflecting ongoing debt management efforts.

Strategically, Tidewater has been active in share repurchases, having repurchased 2.29 million shares for approximately $90 million during the first half of 2025. The company also issued $650 million in 9.125% bonds due in 2030, which were used to redeem most of its outstanding debt. Additionally, Tidewater entered into a new $250 million revolving credit facility, enhancing its liquidity position. The company continues to focus on expanding its fleet and operations through acquisitions and strategic partnerships, with plans to utilize proceeds from securities sales for capital expenditures and debt repayment.

Looking ahead, Tidewater remains cautiously optimistic about the offshore energy market, driven by expectations of increased demand for hydrocarbons and stable oil prices. However, the company acknowledges the potential impact of geopolitical factors and market volatility on its operations. Management emphasizes the importance of maintaining liquidity and financial flexibility to navigate these challenges while pursuing growth opportunities in the offshore energy sector.