Tidewater Inc (TDW)

Tidewater's stock experienced a surge in early August 2025 after impressive Q2 2025 earnings, with EPS of $1.46 and revenue of $341.4 million, along with a new $500 million share repurchase program and a $650 million senior notes offering. In November 2025, the stock faced headwinds due to mixed Q3 2025 results, including a net loss of $0.02 per share, although revenue exceeded forecasts at $341.1 million. Evercore ISI lowered its price target, contributing to a stock decline. By December 31, 2025, the share price was $50.51, a decline of 9.37% from January 2, 2025. As of January 9, 2026, the closing stock price was $56.50.

Demand for Tidewater's products and services exhibits some seasonality, with Q1 typically being a slower period. Q2 revenue can also decrease sequentially due to seasonal factors and increased repair-related expenses. The company anticipates an uplift in utilization and gross margin improvements in the second half of the year, driven by higher revenue levels, reduced operating expenses, and declining drydock days. Vessel utilization tends to peak during warmer months, aligning with increased offshore activities. Demand often spikes in the Gulf of Mexico following hurricane damage, and charters often come to the market early in the year.

Tidewater, Inc. is a publicly traded international petroleum service company based in Houston, Texas, operating as a global provider of offshore marine support and transportation services to the offshore energy industry, including offshore petroleum and wind sectors. The company operates a diversified fleet of offshore service vessels (OSVs) such as AHTSs, PSVs, crew boats, utility vessels, and offshore tugs, supporting all phases of offshore crude oil and natural gas activities, as well as windfarm development and maintenance. Services include towing, anchor handling, transporting supplies and personnel, offshore construction, seismic and subsea support, geotechnical survey support, and specialized services like pipe and cable laying.

Tidewater has a significant global presence, with over 90% of its fleet operating internationally in more than 60 countries. The company manages its operations through five geographically aligned reporting segments: Americas, Asia Pacific, Middle East, Europe/Mediterranean, and West Africa. Its vessels routinely move between these regions based on customer projects and emerging demands. The corporate headquarters is located in Houston, Texas.

Tidewater emphasizes safety, minimizing environmental impacts, and ensuring the safety of its people, contributing to its reputation for operational excellence. The company pioneered the "work boat" industry in 1956 and is a leading provider of OSVs. Tidewater's sustainability reports highlight its dedication to ESG performance, including climate change mitigation, ecological protection, and sustainable supply chain management, supporting a positive brand image.

Tidewater Inc. has a mixed ownership structure including institutional, retail, and individual investors. Institutional investors hold a significant portion, approximately 59.26% to 87.18% of shares. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Price T Rowe Associates Inc /md/, Neuberger Berman Group LLC, Robotti Robert, State Street Corp, and Dimensional Fund Advisors Lp. William C. Martin is the largest individual shareholder, owning 2.42 million shares, representing 4.88% of the company. Insiders collectively own about 6.35% to 18.48% of the stock.