TIDEWATER INC

Tidewater Inc. provided an update on its previously announced acquisition of Wilson Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A. for an aggregate cash purchase price of $500,000,000, subject to adjustments including assumed debt of approximately $239.7 million. The company has secured all necessary local regulatory approvals, including from the Brazilian Antitrust Authority, and obtained change-of-control waivers for the target companies' credit facilities. The transaction is now anticipated to close during the third quarter of 2026.

Tidewater Inc. stockholders approved the First Amendment to the 2021 Stock Incentive Plan, increasing the maximum number of shares available for issuance by 2,250,000. This approval occurred at the company's Annual Meeting held on June 16, 2026. Stockholders also re-elected seven directors, approved executive compensation on an advisory basis, and ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026.

Tidewater Inc. reported first-quarter 2026 revenue of $326.2 million, a 2.2% decrease year-over-year, and net income of $6.1 million, significantly down from $42.7 million in Q1 2025, partly due to a $3.4 million foreign exchange loss. Despite the decline, the company exceeded expectations in key financial and operational measures, with improved gross margin and increased average day rates. Tidewater reiterated its 2026 revenue guidance of $1.43 billion to $1.48 billion and gross margin guidance of 49% to 51%, while also providing an update on the Wilson Sons Ultratug acquisition and noting increased operating costs in the Middle East due to conflict.

Tidewater Inc. reported a significant decrease in net income and revenue for the first quarter of 2026 compared to the prior year. Net income attributable to Tidewater Inc. fell to $6.14 million, with basic EPS at $0.12. Total revenue also decreased to $326.22 million. The company also noted a revision to its previously issued cash flow statements for 2025 and provided updates on its legal proceedings in Venezuela and recent vessel transactions.

Tidewater Inc. announced its 2026 Annual Meeting of Stockholders to be held on June 16, 2026, where shareholders will vote on the election of seven directors, executive compensation, and an increase of 2,250,000 shares for the 2021 Stock Incentive Plan. The company reported strong 2025 financial results with $1.35 billion in revenue, $333.5 million in net income, and $426.0 million in free cash flow. Tidewater also highlighted its $500 million share repurchase program and the agreement to acquire Wilson Sons Ultratug Offshore for $500 million.