Tidewater Inc

Tidewater Inc. provides marine transportation and offshore support services to the global offshore energy industry through a fleet of offshore service vessels and related support vessels. The company operates internationally from the United States and organizes its business through geographically aligned segments across the Americas, Asia Pacific, the Middle East, Europe/Mediterranean, and West Africa.

32,1 %

24,7 %

+0,5 %

2.90

2.90

— Tidewater Inc
%
Offshore service vessels70% Owned and operated vessels used to support offshore oil, gas, and wind projects.
Marine logistics and transport15% Transportation of supplies, equipment, and personnel to offshore locations.
Offshore construction and subsea support10% Specialized marine support for construction, maintenance, and subsea operations.
Windfarm support services5% Marine services for windfarm development, construction, and maintenance.

Tidewater sells primarily to offshore energy participants that need vessel support for exploration, development,...

  • Integrated oil companies (IOCs)primary

    Large international oil companies charter vessels for offshore exploration, development, and production support.

  • Independent E&P companiesprimary

    Mid-sized and smaller producers buy marine logistics and field support for offshore assets.

  • National oil companies (NOCs)primary

    State-owned or state-controlled operators use Tidewater for offshore project execution and logistics.

  • Offshore drilling contractorssecondary

    Contractors use towing and anchor handling services for mobile offshore drilling units.

  • Offshore wind and marine contractorssecondary

    Windfarm developers and marine contractors buy specialized support for construction and maintenance.

Tidewater operates a broad international fleet serving customers in more than 30 countries, with operations organized...

  • •Operations span more than 30 countries across five reporting regions
  • •Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa
  • •Vessels move between regions as offshore projects change
  • •Local ownership and content rules can require joint ventures
  • •Regional offshore activity drives vessel demand and pricing

Tidewater’s strategy centers on maintaining a large, diversified offshore vessel fleet and deploying it across the...

01
Maximize fleet utilization and day ratesshort-term

Revenue depends heavily on active fleet size, utilization, and pricing.

02
Preserve global operating flexibilitymedium-term

A broad footprint helps the company respond to changing regional demand and regulations.

03
Expand exposure to offshore wind supportmedium-term

Windfarm construction and maintenance provide an adjacent end market for marine services.

Tidewater is exposed to cyclical offshore energy spending, since vessel demand depends on oil and gas prices, customer...

high

Cyclical offshore energy demand

Vessel utilization and day rates depend on exploration, development, and production activity.

Scope
Global offshore oil and gas markets
Materiality
high
high

Customer concentration

A relatively small number of large customers account for a significant portion of revenue.

Scope
Top ten customers
Materiality
high
medium

Credit and collection risk

Customers are often granted short-term credit without collateral, and some are state-controlled.

Scope
International receivables
Materiality
medium
medium

Regulatory and anti-corruption compliance

Global operations are subject to FCPA, UK Bribery Act, tax, and local regulatory regimes.

Scope
Multi-jurisdiction operations
Materiality
medium
medium

Environmental transition and emissions regulation

New rules can increase operating costs, vessel downtime, and reduce hydrocarbon demand.

Scope
Fleet operations
Materiality
high
medium

Cybersecurity and technology disruption

Attacks on vessels or systems could cause liability, downtime, or reputational damage.

Scope
Fleet and third-party systems
Materiality
medium
Allowance for credit losses
Affects receivables and bad debt expense
Vessel impairment and useful lives
Can materially affect asset carrying values and depreciation
Lease accounting
Affects balance sheet leverage and operating expense presentation
Consolidation of joint ventures
Determines whether revenue, assets, and liabilities are fully consolidated

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: 29/04/2026