Tidewater Inc. (NYSE: TDW) is an offshore marine services company that owns and operates a fleet of vessels supporting offshore oil and gas exploration, development, and production. Revenue is transactional, generated by chartering vessels to energy companies at day rates, with total revenue driven by active fleet size, vessel utilization, and the day rates charged per vessel per day. The business is directly tied to the level of offshore oil and gas activity globally, which in turn follows oil and gas prices and energy company capital spending. As of December 31, 2025, Tidewater employed approximately 7,300 people worldwide. The company completed the Solstad Acquisition in July 2023, purchasing 37 platform supply vessels from subsidiaries of Solstad Offshore ASA for approximately $594.2 million, expanding its fleet in the North Sea, Australia, and Brazil. Tidewater carries long-term debt including 10.375% Senior Unsecured Notes due July 2028 and has historically funded operations through operating cash flow, vessel sales, and debt financing.

Revenue model

Transactional charter revenue billed at day rates per vessel. Revenue levels are driven by active fleet size, vessel utilization rates, and the day rates Tidewater can charge customers. Operating costs, primarily crew, repair and maintenance, insurance, and fuel, are largely fixed, making operating profit sensitive to revenue fluctuations.

Products and services

Offshore support vessels including platform supply vessels (PSVs) chartered to oil and gas operators for exploration, development, and production support activities.

Customers and end markets

Oil and gas exploration and production companies operating offshore. Customer activity and spending levels are driven by oil and gas prices and expected future supply and demand for hydrocarbons.

Value-chain role

Marine logistics and vessel services provider sitting between offshore rig operators and energy producers. Tidewater supplies the vessels that transport personnel, equipment, fuel, and supplies to and from offshore platforms and rigs.

Geographic exposure

Global operations with presence in the North Sea, Australia, Brazil, and North America, among other regions. The Solstad vessels acquired in July 2023 operated primarily in the North Sea, Australia, and Brazil at closing.

Source: SEC 10-K, filed 2026-03-02

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