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Sep 30
Tidewater Q3 2026 Earnings Report
Tidewater reported a net loss despite flat revenue, as refinancing charges weighed down profits in Q3 2025.
Key Takeaways
Tidewater delivered stable revenue and strong operational performance in Q3 2025, but reported a net loss primarily due to a $27.1M loss from early debt extinguishment.
Revenue held steady at $341.1M compared to Q3 2024.
Reported net loss of $0.8M, impacted by $27.1M debt refinancing charge.
Free cash flow reached $82.7M, supported by strong vessel utilization and cost control.
Average day rates improved to $22,798 per day, led by gains in Asia Pacific and Americas regions.
Tidewater
Tidewater
Tidewater Revenue by Segment
Tidewater Revenue by Geographic Location
Revenue by Segment
Vessel Revenues Revenue
CapyFin.comOther Operating Revenues Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.comMiddle East Revenue
CapyFin.comEurope/Mediterranean Revenue
CapyFin.comWest Africa Revenue
CapyFin.com Forward Guidance
Tidewater updated 2025 revenue guidance slightly downward and introduced 2026 guidance with a focus on production and offshore construction support.
Positive Outlook
- 99% of 2025 revenue guidance is already covered by contracted revenue.
- 2026 revenue guided between $1.32B and $1.37B.
- Strong outlook for production support, offshore construction, and subsea services.
- Continued resilience in vessel uptime and fleet performance.
- Strategic fleet investments continue to deliver utilization and margin gains.
Challenges Ahead
- Macroeconomic and geopolitical factors still cloud visibility into offshore drilling activity.
- 2026 guidance implies potential softness compared to 2025 midpoint.
- Day rates softened in North Sea and West Africa regions.
- Loss on debt extinguishment weighed down Q3 earnings.
- Uncertainty remains on timing of incremental offshore drilling recovery in 2026.