Forward-Looking Statements Certain of the statements included in this Form 10-Q constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which includes any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “goal,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Tidewater Inc. and its subsidiaries. There can be no assurance that future developments affecting Tidewater Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: our ability to complete the proposed acquisition of the Wilson Companies and future acquisitions; fluctuations in worldwide energy demand and oil and natural gas prices; fluctuations in macroeconomic and market conditions (including risks related to recession, inflation, supply chain constraints or disruptions, interest rates, and exchange rates); global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence (AI) applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, including expropriation or enforcement of customs or other laws that are not well developed or consistently enforced, the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; our participation in industry wide, multi-employer, defined pension plans; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in this Quarterly Report on Form 10-Q (Form 10-Q) and other filings we make with the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this Form 10-Q regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that will continue to evolve, and assumptions subject to change in the future. Statements in this Form 10-Q are made as of the date of this filing, and Tidewater disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. In addition, see “Risk Factors” included in our Annual Report on Form 10-K, filed with the SEC on March 2, 2026 (2025 Annual Report) and in this Form 10-Q for a discussion of certain risks relating to our business and investment in our securities. 25 In certain places in this Form 10-Q, we may refer to reports published by third parties that purport to describe trends or developments in energy production and drilling and exploration and we specifically disclaim any responsibility for the accuracy and completeness of such information and have undertaken no steps to update or independently verify such information. The forward-looking statements should be considered in the context of the risk factors listed above, discussed in this Form 10-Q, and discussed in our 2025 Annual Report as updated by subsequent filings with the SEC. Investors and prospective investors are cautioned not to rely unduly on such forward-looking statements, which speak only as of the date hereof. Management disclaims any obligation to update or revise any forward-looking statements contained herein to reflect new information, future events, or developments. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes thereto included in “Item 1. Financial Statements” and with our 2025 Annual Report. The following discussion and analysis contain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under “Risk Factors” in Item 1A of our 2025 Annual Report and elsewhere in this Form-10Q. EXECUTIVE SUMMARY AND CURRENT BUSINESS OUTLOOK Tidewater We are one of the most experienced international operators in the offshore energy industry with a history spanning 70 years. Our vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration activities, field development, production and maintenance, as well as windfarm development and maintenance. Our services include towing and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover and production activities; providing offshore construction and seismic and subsea support; delivering geotechnical survey support for windfarm construction, and offering a variety of other specialized services such as pipe laying and cable laying. In addition, we believe we have the broadest geographic operating footprint in the offshore vessel industry. Our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of the many customers with which we believe we have strong relationships. On February 22, 2026, we entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações S.A and its affiliate Atlantic Offshore Services S.A. (collectively, the Wilson Companies) from Wilson Sons S.A., Ultranav International II, S.A. and Remolcadores Ultratug Limitada (collectively, the Wilson Sellers). The Wilson Companies own 22 platform supply vessels operating in Brazil. We will pay the Wilson Sellers an aggregate cash purchase price of $500.0 million on a debt free, cash free basis, subject to adjustments, including a reduction for the assumption of the Wilson Companies’ debt which was approximately $231.0 million as of June 30, 2026. The final debt amount will be determined upon completion of this transaction. We have received all required local regulatory approvals, including approval from the Brazilian Antitrust Authority, and have obtained all of the change-of-control waivers required under the Wilson Companies credit facilities. We will continue to complete documentation relating to the remaining closing matters, including amendments to the credit facilities, and now expect to close around September 1, 2026. At June 30, 2026, we owned 204 vessels with an average age of 13.6 years available to serve the global offshore energy industry. 26 MD&A Objective and Principal Factors That Drive Our Results, Cash Flows and Liquidity Our MD&A is designed to provide information about our financial condition and results of operations from management’s perspective. Our revenues, net earnings and cash flows from operations are largely dependent upon the activity level of our offshore marine vessel fleet. Our business activity is largely dependent on the level of exploration, field development and production activity of our customers. Our customers’ business activity, in turn, is dependent on current and expected crude oil and natural gas prices, which fluctuate depending on expected future levels of supply and demand for crude oil and natural gas, and on estimates of the cost to find, develop and produce crude oil and natural gas reserves. Our objective throughout MD&A is to discuss how these factors affected our historical results and where applicable, how we expect these factors to impact our future results and future liquidity. Our revenues in all segments are driven primarily by our active fleet size, active vessel utilization and day rates. Because a sizeable portion of our vessel operating and depreciation costs do not change proportionally with changes in revenue, our operating profit is largely dependent on revenue levels. Operating costs consist primarily of crew costs; repair and maintenance costs; insurance costs; fuel, lube oil and supplies costs; and other vessel operating costs. Fleet size, fleet composition, geographic areas of operation, supply and demand for marine personnel, and local labor requirements are the major factors impacting overall crew costs in all segments. In addition, the more technologically sophisticated vessels generally require a greater number of specially trained and more highly compensated fleet personnel. Crew costs may increase if competition for skilled personnel intensifies. Costs related to the recertification of vessels are deferred and amortized over 30 months on a straight-line basis. Maintenance costs incurred at the time of the recertification drydocking not related to the recertification of the vessel are expensed as incurred. Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Insurance costs are dependent on a variety of factors, including our safety record and pricing in the insurance markets, and can fluctuate over time. Our vessels are generally insured for up to their estimated fair market value in order to cover damage or loss. We also purchase coverage for potential liabilities stemming from third-party losses and cyber security breaches with limits that we believe are reasonable for our business and operations, but do not generally purchase business interruption insurance or similar coverage. During the past three years, we have not incurred any material costs, fines or penalties due to a direct or third-party vendor cybersecurity breach. Insurance limits are reviewed annually, and third-party coverage is purchased based on the expected scope of ongoing operations and the cost of third-party coverage. Fuel and lube costs can fluctuate in any given period depending on the number and distance of vessel mobilizations, the number of active vessels off-hire, drydockings, and changes in fuel prices. Generally, our customers are responsible for fuel costs when our vessels are on-hire, and we are responsible for fuel costs when our vessels are off-hire or in drydock. We also incur vessel operating costs aggregated as “other” vessel operating costs. These costs consist of brokers’ commissions, training costs, satellite communication fees, agent fees, port fees, freight and other miscellaneous costs. Brokers’ commissions are incurred primarily in our non-U.S. operations where brokers sometimes assist in obtaining work. Brokers generally are paid a percentage of day rates and, accordingly, commissions paid to brokers generally fluctuate in accordance with vessel revenue. We discuss our liquidity in terms of cash flow that we generate from our operations. Our primary sources of capital have been our cash on hand, internally generated funds including operating cash flow, vessel sales and long-term debt financing. From time to time, we also issue stock or stock-based financial instruments either in the open market or as currency in acquisitions. This ability is impacted by existing market conditions. 27 Industry Conditions and Outlook Our business is exposed to numerous macro factors that influence our outlook and expectations. Our outlook and expectations described herein are based solely on the market as we see it today, and therefore, subject to various changing conditions that impact the oil and gas industry. Our outlook is largely driven by expectations for the worldwide demand for hydrocarbons, and expectations surrounding the demand for and the global supply of vessels that support the offshore energy industry. Our business is directly impacted by the level of activity in worldwide offshore oil and gas exploration, development and production, which in turn is influenced by trends in oil and gas prices and the condition of the energy markets, and in particular, the willingness of energy companies to spend on offshore operational activities and capital projects. This activity includes demand for offshore drilling rigs, which also directly impacts our industry. Oil and gas prices are affected by geopolitical and economic forces, including the fundamental principles of supply and demand. Offshore oil and gas exploration and development activities generally require higher oil or gas prices to justify the expenditure levels of offshore activities. Oil and gas prices are subject to significant uncertainty and, as a result, tend to be extremely volatile. Over the past several years, oil and gas commodity pricing and the overall supply of and demand for oil and gas have been affected by (i) a global pandemic, which included lock downs by major oil consuming nations; (ii) ongoing global conflicts, notably in eastern Europe between Russia and Ukraine, in Venezuela, and numerous conflicts in the Middle East; (iii) Organization of Petroleum Exporting Countries Plus (OPEC+) production quotas, market share expectations and pricing considerations; (iv) resource growth in non-OPEC+ nations; (v) a capital allocation focus on returning capital to shareholders within the major oil and gas companies, thereby limiting funds previously available for resource development; (vi) economies of and monetary policies in major consuming nations; (vii) increased activism related to the perceived responsibility of the oil and gas sector for climate change; and (viii) U.S. trade policies that include substantial tariffs, causing increased market uncertainty and volatility. On February 28, 2026, the United States (U.S.) and Israel initiated a military conflict with Iran that caused significant damage to Iranian infrastructure and resulted in the partial closure of the Strait of Hormuz (Strait) in the Middle East. The Strait is the transit route for approximately 20% of global crude oil and a significant percentage of LNG supplies. Iran responded to the attacks by targeting not only U.S. and Israeli assets in the region, but also a number of Middle Eastern countries including Saudi Arabia, Qatar, Dubai, Kuwait and Bahrain. The disruption of production from the Middle East resulted in the crude oil futures prices spiking to over $100 per barrel. A ceasefire was negotiated and efforts have been made to develop the structure of a lasting peace memorandum. However, the conflict has continued intermittently and expanded in the region. Additionally, effective May 1, 2026, the United Arab Emirates (UAE), a member of OPEC, officially ended its OPEC membership. Through this period oil price volatility has been more pronounced and transit through the Strait remains challenged. The impact of the conflict in Iran has been borne primarily by our Middle East segment. The conflict has limited some customers' ability to operate at full capacity in the segment, creating some softness in market demand. However, while our activity has not been significantly interrupted to date as a result of the conflict, we have incurred increased insurance rates, higher crew wages and travel costs and higher fuel costs for vessels operating near the conflict. Specifically, beginning in March 2026, our Middle East segment experienced increased crew wages and travel costs of approximately $4.2 million, increased vessel insurance of approximately $0.8 million and increased fuel cost of approximately $1.0 million. Should the conflict continue, we anticipate similar increases in future costs. We cannot estimate the duration, nor can we predict all possible impacts of this conflict. With the demand for oil and gas at an all-time high, we continue to have a positive outlook for a sustained upcycle in the offshore energy industry. Although the ongoing conflict in the Middle East has introduced near‑term uncertainty, we believe it underscores the strategic importance of energy security and the need for sustained upstream investment to support a reliable and affordable global energy supply. We expect offshore developments, given their scale, long reserve lives, and attractive economics, to play an important role and we believe these dynamics bode well for us, given our global operating footprint, high‑specification fleet, and disciplined strategy. 28 RESULTS OF OPERATIONS Each of our five operating segments is led by senior management, the results are reviewed and resources are allocated by our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. The results of operations tables included below for the total company and the individual segments disclose financial results supplemented with average vessels, vessel utilization and average day rates. Total vessel utilization is calculated on all vessels in service (which includes stacked vessels, vessels held for sale and vessels in drydock or down for repair). Active utilization is calculated on all owned and bareboat chartered vessels except vessels held for sale and stacked vessels. Vessel utilization rates are calculated by dividing the number of days a vessel works during a reporting period by the number of days the vessel is available to work in the reporting period. We consider a vessel to be stacked if the vessel crew is furloughed or substantially reduced and limited maintenance is performed on the vessel. Although not currently fulfilling charters, stacked vessels are considered in service and included in the calculation of our utilization statistics. As such, stacked vessels depress utilization rates because stacked vessels are considered available to work and are included in the calculation of utilization rates. We had four stacked vessels at June 30, 2026 and eight stacked vessels at December 31, 2025. Vessel day rates are determined by the demand created largely through the level of offshore exploration, field development and production spending by energy companies relative to the supply of offshore support vessels. Specifications of available equipment and the scope of service provided may also influence vessel day rates. Average day rates are calculated by dividing the revenue a vessel earns during a reporting period by the number of days the vessel worked in the reporting period. Vessel operating cost per active day is calculated based on total available days less stacked days. Total vessels in service include vessels not owned by us and under bareboat charter agreements. We had two such vessels to begin the year, but purchased both of the vessels in the first quarter of 2026 and they are now included in our owned vessel count. 29 Consolidated Results – Three Months Ended June 30, 2026 compared to March 31, 2026 (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 342,287 $ 326,222 $ 16,065 5 % Costs and expenses: Vessel operating costs: Crew costs 105,225 98,887 (6,338 ) (6 )% Repair and maintenance 28,953 24,804 (4,149 ) (17 )% Insurance 2,939 2,660 (279 ) (10 )% Fuel, lube and supplies 21,046 16,454 (4,592 ) (28 )% Other 22,583 23,382 799 3 % Total vessel operating costs 180,746 166,187 (14,559 ) (9 )% Costs of other operating revenues 1,072 761 (311 ) (41 )% General and administrative 34,845 33,559 (1,286 ) (4 )% Depreciation and amortization 66,412 66,619 207 0 % Loss (gain) on asset dispositions, net (3,316 ) 112 3,428 3,061 % Total costs and expenses 279,759 267,238 (12,521 ) (5 )% Operating income 62,528 58,984 3,544 6 % Other income (expense): Foreign exchange loss (688 ) (3,403 ) 2,715 (80 )% Interest income and other, net 730 2,189 (1,459 ) (67 )% Interest and other debt costs, net (16,426 ) (16,891 ) 465 3 % Total other expense (16,384 ) (18,105 ) 1,721 10 % Income before income taxes 46,144 40,879 5,265 13 % Income tax expense 25,062 34,903 9,841 28 % Net income 21,082 5,976 15,106 253 % Net loss attributable to noncontrolling interests (580 ) (164 ) (416 ) (254 )% Net income attributable to Tidewater Inc. $ 21,662 $ 6,140 $ 15,522 253 % Select operating statistics: Utilization 79.2 % 77.7 % 1.5 % Active utilization 81.4 % 80.6 % 0.8 % Average vessel day rates $ 22,938 $ 22,283 $ 655 2.9 % Vessel operating cost per active day $ 9,886 $ 9,180 $ (706 ) (7.7 )% Average total vessels 206 207 (1 ) Average stacked vessels (6 ) (7 ) 1 Average active vessels 200 200 — Revenue: ● Increase primarily due to higher utilization and higher average day rates. ● Increase in day rates was primarily due to increases in demand in Europe/Mediterranean. Vessel operating costs: ● Increase primarily due to higher crew costs, higher repair and maintenance costs and higher fuel and lube costs. Crew costs increased in the Asia Pacific segment due to additional vessels working in Australia which is a high-cost operating area; and in the Middle East segment due to increased war premium bonuses and higher crew travel costs related to the Iran conflict. The increase in repair costs is primarily from higher repair days and several high-cost repairs. The increase in fuel costs was primarily from higher mobilization activity and higher fuel prices as a result of the Iran conflict. 30 General and administrative: ● Increase primarily due to higher transaction expenses associated with the pending Wilson Companies acquisition. Depreciation and amortization: ● No significant variances. Loss (gain) on asset dispositions, net: ● During the second quarter of 2026, we sold two vessels and other assets for approximately $11.5 million in proceeds and recognized a net gain of $3.3 million on the dispositions. During the first quarter of 2026, we sold two vessels and other assets for approximately $3.3 million in proceeds and recognized a net loss of $0.1 million on the dispositions. Interest income and other, net: ● Decrease due to transaction costs associated with the conversion of Central African Franc to USD, partially offset by increased interest income from higher cash balances. Interest expense: ● No significant variances. Foreign exchange losses: ● Our foreign exchange losses in the second and first quarters of 2026 were primarily the result of the settlement and revaluation of various foreign currency balances due to the strengthening of the U.S. Dollar against the Central African Franc, West African Franc, Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro. Income tax expense: ● We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. The decrease in income taxes for the three months ended June 30, 2026, compared to the three months ended March 31, 2026, was primarily driven by the gain on sale of a vessel that was recognized during the three months ended March 31, 2026, which resulted in $2.9 million of Pillar Two top-up tax and was included as Subpart F income and subject to U.S. taxation. 31 Segment results for three months ended June 30, 2026 compared to March 31, 2026 Americas Segment Operations. (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 53,969 $ 58,526 $ (4,557 ) (8 )% Costs and expenses: Vessel operating costs: Crew costs 17,972 19,729 1,757 9 % Repair and maintenance 5,706 5,228 (478 ) (9 )% Insurance 429 462 33 7 % Fuel, lube and supplies 3,252 2,887 (365 ) (13 )% Other 5,276 5,564 288 5 % Total vessel operating costs 32,635 33,870 1,235 4 % General and administrative 4,143 3,751 (392 ) (10 )% Depreciation and amortization 9,806 11,338 1,532 14 % Vessel operating profit $ 7,385 $ 9,567 $ (2,182 ) (23 )% Select operating statistics: Utilization 68.0 % 66.1 % 1.9 % Active utilization 78.5 % 77.0 % 1.5 % Average vessel day rates $ 29,056 $ 29,501 $ (445 ) (1.5 )% Vessel operating cost per active day $ 13,678 $ 13,019 $ (660 ) (5.1 )% Average total vessels 30 33 (3 ) Average stacked vessels (4 ) (4 ) — Average active vessels 26 29 (3 ) Revenue: ● Decrease primarily driven by lower average day rates and lower vessel count, partially offset by higher utilization. ● Utilization increased due to lower idle days. Vessel operating costs: ● Decrease primarily due to fewer vessels in the segment. General and administrative expense: ● Increase primarily due to lower bad debt recoveries in the second quarter and higher professional fees. Depreciation and amortization expense: ● Decrease primarily due to fewer vessels in the segment. 32 Asia Pacific Segment Operations. (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 47,948 $ 46,564 $ 1,384 3 % Costs and expenses: Vessel operating costs: Crew costs 17,630 15,867 (1,763 ) (11 )% Repair and maintenance 3,136 2,957 (179 ) (6 )% Insurance 283 254 (29 ) (11 )% Fuel, lube and supplies 3,048 2,513 (535 ) (21 )% Other 2,095 1,754 (341 ) (19 )% Total vessel operating costs 26,192 23,345 (2,847 ) (12 )% General and administrative 2,442 2,225 (217 ) (10 )% Depreciation and amortization 6,207 5,524 (683 ) (12 )% Vessel operating profit $ 13,107 $ 15,470 $ (2,363 ) (15 )% Select operating statistics: Utilization 74.9 % 78.2 % (3.3 )% Active utilization 74.9 % 78.2 % (3.3 )% Average vessel day rates $ 37,013 $ 37,470 $ (457 ) (1.2 )% Vessel operating cost per active day $ 15,148 $ 14,683 $ (466 ) (3.2 )% Average total vessels 19 18 1 Average stacked vessels — — — Average active vessels 19 18 1 Revenue: ● Increase primarily driven by an additional vessel in the segment, partially offset by lower average day rates and lower utilization. ● Utilization decreased due to higher repair days. Vessel operating costs: ● Increase primarily due to higher crew costs associated with increased vessel count and from a higher proportion of vessels operating in Australia which is a high-cost operating area. General and administrative expense: ● No significant variances. Depreciation and amortization expense: ● Increase primarily due to a higher vessel count. 33 Middle East Segment Operations. (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 48,483 $ 45,569 $ 2,914 6 % Costs and expenses: Vessel operating costs: Crew costs 17,314 15,527 (1,787 ) (12 )% Repair and maintenance 4,514 3,856 (658 ) (17 )% Insurance 852 763 (89 ) (12 )% Fuel, lube and supplies 3,548 2,684 (864 ) (32 )% Other 4,044 4,075 31 1 % Total vessel operating costs 30,272 26,905 (3,367 ) (13 )% General and administrative 2,316 2,277 (39 ) (2 )% Depreciation and amortization 9,711 9,759 48 0 % Vessel operating profit $ 6,184 $ 6,628 $ (444 ) (7 )% Select operating statistics: Utilization 81.3 % 78.7 % 2.6 % Active utilization 81.3 % 78.7 % 2.6 % Average vessel day rates $ 14,555 $ 14,295 $ 260 1.8 % Vessel operating cost per active day $ 7,392 $ 6,643 $ (749 ) (11.3 )% Average total vessels 45 45 — Average stacked vessels — — — Average active vessels 45 45 — Revenue: ● Increase primarily driven by higher utilization and higher average day rates. ● Utilization increased as a result of lower drydock days as some drydocks have been rescheduled to later in the year. Vessel operating costs: ● Increase primarily due to higher crew costs from war risk bonuses and crew travel costs. Fuel costs increased from higher fuel prices. General and administrative expense: ● No significant variances. Depreciation and amortization expense: ● No significant variances. 34 Europe/Mediterranean Segment Operations. (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 112,076 $ 86,945 $ 25,131 29 % Costs and expenses: Vessel operating costs: Crew costs 34,312 31,699 (2,613 ) (8 )% Repair and maintenance 9,419 7,566 (1,853 ) (24 )% Insurance 810 699 (111 ) (16 )% Fuel, lube and supplies 5,229 4,651 (578 ) (12 )% Other 5,981 5,766 (215 ) (4 )% Total vessel operating costs 55,751 50,381 (5,370 ) (11 )% General and administrative 3,401 3,762 361 10 % Depreciation and amortization 26,075 24,757 (1,318 ) (5 )% Vessel operating profit $ 26,849 $ 8,045 $ 18,804 234 % Select operating statistics: Utilization 88.5 % 80.0 % 8.5 % Active utilization 88.5 % 80.0 % 8.5 % Average vessel day rates $ 24,341 $ 21,954 $ 2,387 10.9 % Vessel operating cost per active day $ 10,713 $ 10,182 $ (531 ) (5.2 )% Average total vessels 57 55 2 Average stacked vessels — — — Average active vessels 57 55 2 Revenue: ● Increase primarily driven by higher utilization, higher average day rates and an increase in the vessel count as we had vessels transfer into the segment. ● Active utilization increased due to higher days worked in the second quarter, due to lower drydock and idle days, compared to the first quarter which is seasonally the least active quarter in the North Sea. Vessel operating costs: ● Increase primarily due to higher crew costs as a result of increased vessel count and higher repair and maintenance largely from several high-cost repairs in the second quarter. General and administrative expense: ● Decrease primarily due to lower salaries and benefits and lower professional fees. Depreciation and amortization expense: ● Increase primarily due to higher depreciation from higher number of vessels during the second quarter of 2026. 35 West Africa Segment Operations. (In Thousands except for statistics) Three Months Ended June 30, 2026 March 31, 2026 Change % Change Total revenue $ 77,255 $ 85,814 $ (8,559 ) (10 )% Costs and expenses: Vessel operating costs: Crew costs 17,997 16,065 (1,932 ) (12 )% Repair and maintenance 6,178 5,197 (981 ) (19 )% Insurance 565 482 (83 ) (17 )% Fuel, lube and supplies 5,969 3,719 (2,250 ) (61 )% Other 5,187 6,223 1,036 17 % Total vessel operating costs 35,896 31,686 (4,210 ) (13 )% General and administrative 3,254 2,971 (283 ) (10 )% Depreciation and amortization 13,493 13,927 434 3 % Vessel operating profit $ 24,612 $ 37,230 $ (12,618 ) (34 )% Select operating statistics: Utilization 75.3 % 81.5 % (6.2 )% Active utilization 77.5 % 85.5 % (8.0 )% Average vessel day rates $ 20,751 $ 20,732 $ 19 0.1 % Vessel operating cost per active day $ 7,355 $ 6,427 $ (928 ) (14.4 )% Average total vessels 55 56 (1 ) Average stacked vessels (2 ) (3 ) 1 Average active vessels 53 53 — Revenue: ● Decrease primarily driven by lower vessel count and lower utilization. ● Decrease in utilization primarily due to higher idle days. Vessel operating costs: ● Increase primarily due to higher crew costs and higher fuel costs related to an increase in fuel consumption from higher idle days. General and administrative expense: ● Increase primarily due to higher salaries and benefits and higher professional fees. Depreciation and amortization expense: ● No significant variances. 36 Consolidated Results – Six months ended June 30, 2026 compared to June 30, 2025 (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 668,509 $ 674,875 $ (6,366 ) (1 )% Costs and expenses: Vessel operating costs: Crew costs 204,112 196,589 (7,523 ) (4 )% Repair and maintenance 53,757 45,891 (7,866 ) (17 )% Insurance 5,599 4,674 (925 ) (20 )% Fuel, lube and supplies 37,500 29,485 (8,015 ) (27 )% Other 45,965 55,694 9,729 17 % Total vessel operating costs 346,933 332,333 (14,600 ) (4 )% Costs of other operating revenues 1,833 4,538 2,705 60 % General and administrative 68,404 60,307 (8,097 ) (13 )% Depreciation and amortization 133,031 129,746 (3,285 ) (3 )% Gain on asset dispositions, net (3,204 ) (8,018 ) (4,814 ) (60 )% Total costs and expenses 546,997 518,906 (28,091 ) (5 )% Operating income 121,512 155,969 (34,457 ) (22 )% Other income (expense): Foreign exchange gain (loss) (4,091 ) 19,272 (23,363 ) (121 )% Interest income and other, net 2,919 4,260 (1,341 ) (31 )% Interest and other debt costs, net (33,317 ) (32,786 ) (531 ) (2 )% Total other expense (34,489 ) (9,254 ) (25,235 ) (273 )% Income before income taxes 87,023 146,715 (59,692 ) (41 )% Income tax expense 59,965 31,693 (28,272 ) (89 )% Net income 27,058 115,022 (87,964 ) (76 )% Net loss attributable to noncontrolling interests (744 ) (561 ) (183 ) (33 )% Net income attributable to Tidewater Inc. $ 27,802 $ 115,583 $ (87,781 ) (76 )% Select operating statistics: Utilization 78.5 % 75.1 % 3.4 % Active utilization 81.0 % 77.4 % 3.6 % Average vessel day rates $ 22,614 $ 22,730 $ (116 ) (0.5 )% Vessel operating cost per active day $ 9,535 $ 8,738 $ (797 ) (9.1 )% Average total vessels 206 215 (9 ) Average stacked vessels (6 ) (7 ) 1 Average active vessels 200 208 (8 ) Revenue: ● Decrease primarily due to lower vessel count and slightly lower average day rates, partially offset by higher utilization. Vessel operating costs: ● Increase primarily due to higher repair and maintenance costs, higher crew costs and higher fuel costs. The increase in repair costs was primarily due to higher repair days and several high-cost repairs. The crew costs increase was primarily driven by war premium bonuses and crew travel costs in the Middle East related to the Iran conflict. The increase in fuel costs is primarily due to higher vessel mobilization days and increase in fuel prices. These increases were partially offset by lower other costs due to lower deductibles on insured claims and lower relief vessel costs in 2026 compared to 2025. 37 General and administrative: ● Increase primarily due to higher transaction expenses associated with the pending Wilson Companies acquisition. Depreciation and amortization: ● Increase primarily due to higher depreciation and higher amortization of drydock costs. Gain on asset dispositions, net: ● During the first six months of 2026, we sold four vessels and other assets for approximately $14.9 million in proceeds and recognized a net gain of $3.2 million on the dispositions. During the first six months of 2025, we sold six vessels and other assets for approximately $11.1 million in proceeds and recognized a net gain of $8.0 million on the dispositions. Interest income and other, net: ● Decrease due to transaction costs associated with the conversion of Central African Franc to USD, partially offset by increased interest income from higher cash balances. Interest expense: ● No significant variances. Foreign exchange gains (losses): ● Our foreign exchange losses in 2026 and gains in 2025, were primarily the result of the settlement and revaluation of various foreign currency balances due to the strengthening or weakening of the U.S. Dollar against the Central African Franc, West African Franc, Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro. Income tax expense: ● We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. The increase in income taxes for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily driven by the tax benefit, totaling approximately $27.0 million, from the release of valuation allowance in the U.S. on net operating losses during the six months ended June 30, 2025. Additionally, during the six months ended June 30, 2026, we recognized a gain on sale of a vessel which resulted in $2.9 million of Pillar Two top-up tax and was included as Subpart F income and subject to U.S. taxation. 38 Segment results for six months ended June 30, 2026 compared to June 30, 2025 Americas Segment Operations. (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 112,495 $ 123,610 $ (11,115 ) (9 )% Costs and expenses: Vessel operating costs: Crew costs 37,701 37,092 (609 ) (2 )% Repair and maintenance 10,934 9,096 (1,838 ) (20 )% Insurance 891 922 31 3 % Fuel, lube and supplies 6,139 4,832 (1,307 ) (27 )% Other 10,840 16,094 5,254 33 % Total vessel operating costs 66,505 68,036 1,531 2 % General and administrative 7,894 7,327 (567 ) (8 )% Depreciation and amortization 21,144 23,110 1,966 9 % Vessel operating profit $ 16,952 $ 25,137 $ (8,185 ) (33 )% Select operating statistics: Utilization 67.0 % 70.2 % (3.2 )% Active utilization 77.7 % 73.4 % 4.3 % Average vessel day rates $ 29,286 $ 29,169 $ 117 0.4 % Vessel operating cost per active day $ 13,334 $ 11,769 $ (1,565 ) (13.3 )% Average total vessels 32 33 (1 ) Average stacked vessels (4 ) (2 ) (2 ) Average active vessels 28 31 (3 ) Revenue: ● Decrease primarily driven by lower active vessel count, partially offset by higher active utilization and slightly higher average day rates. ● Active utilization increased as idle days decreased. Vessel operating costs: ● Decrease primarily due to lower other costs as a result of a legal claim accrual in 2025. This decrease was partially offset by an increase in repair and maintenance costs largely from high-cost repairs and an increase in fuel costs due to higher fuel prices and an increase in fuel consumption from higher idle days. General and administrative expense: ● Increase primarily due to higher salaries and benefits. Depreciation and amortization expense: ● Decrease primarily due to fewer vessels in the segment. 39 Asia Pacific Segment Operations. (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 94,512 $ 93,924 $ 588 1 % Costs and expenses: Vessel operating costs: Crew costs 33,497 38,849 5,352 14 % Repair and maintenance 6,093 5,635 (458 ) (8 )% Insurance 537 500 (37 ) (7 )% Fuel, lube and supplies 5,561 3,556 (2,005 ) (56 )% Other 3,849 4,435 586 13 % Total vessel operating costs 49,537 52,975 3,438 6 % General and administrative 4,667 4,470 (197 ) (4 )% Depreciation and amortization 11,731 11,021 (710 ) (6 )% Vessel operating profit $ 28,577 $ 25,458 $ 3,119 12 % Select operating statistics: Utilization 76.5 % 70.5 % 6.0 % Active utilization 76.5 % 70.5 % 6.0 % Average vessel day rates $ 37,237 $ 36,953 $ 284 0.8 % Vessel operating cost per active day $ 14,925 $ 14,728 $ (198 ) (1.3 )% Average total vessels 18 20 (2 ) Average stacked vessels — — — Average active vessels 18 20 (2 ) Revenue: ● Increase primarily driven by higher utilization and slightly higher average day rates, partially offset by a lower number of vessels. ● Utilization increased due to lower drydock and repair days. Vessel operating costs: ● Decrease primarily due to lower crew costs associated with vessels leaving Australia which is a high operating cost area. This decrease was partially offset by higher fuel costs associated with higher fuel prices and an increase in fuel consumption from higher mobilization days. General and administrative expense: ● No significant variances. Depreciation and amortization expense: ● Increase primarily due to higher drydock amortization. 40 Middle East Segment Operations. (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 94,052 $ 83,517 $ 10,535 13 % Costs and expenses: Vessel operating costs: Crew costs 32,841 26,582 (6,259 ) (24 )% Repair and maintenance 8,370 8,361 (9 ) (0 )% Insurance 1,615 872 (743 ) (85 )% Fuel, lube and supplies 6,232 5,289 (943 ) (18 )% Other 8,119 9,249 1,130 12 % Total vessel operating costs 57,177 50,353 (6,824 ) (14 )% General and administrative 4,593 5,784 1,191 21 % Depreciation and amortization 19,470 14,923 (4,547 ) (30 )% Vessel operating profit $ 12,812 $ 12,457 $ 355 3 % Select operating statistics: Utilization 80.0 % 83.7 % (3.7 )% Active utilization 80.0 % 83.7 % (3.7 )% Average vessel day rates $ 14,428 $ 12,825 $ 1,603 12.5 % Vessel operating cost per active day $ 7,020 $ 6,470 $ (550 ) (8.5 )% Average total vessels 45 43 2 Average stacked vessels — — — Average active vessels 45 43 2 Revenue: ● Increase primarily driven by higher average day rates and higher vessel count, partially offset by lower utilization. ● Utilization decreased primarily due to higher idle days. Vessel operating costs: ● Increase primarily due to higher crew costs from war risk bonuses and crew travel costs directly related to the Iran conflict. This increase was offset by lower other costs primarily due to lower training costs and lower mobilization costs. General and administrative expense: ● Decrease primarily due to lower personnel costs in 2026. Depreciation and amortization expense: ● Increase primarily due to higher number of vessels. 41 Europe/Mediterranean Segment Operations. (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 199,021 $ 177,485 $ 21,536 12 % Costs and expenses: Vessel operating costs: Crew costs 66,011 56,453 (9,558 ) (17 )% Repair and maintenance 16,985 12,447 (4,538 ) (36 )% Insurance 1,509 1,265 (244 ) (19 )% Fuel, lube and supplies 9,880 5,300 (4,580 ) (86 )% Other 11,747 10,925 (822 ) (8 )% Total vessel operating costs 106,132 86,390 (19,742 ) (23 )% General and administrative 7,163 7,048 (115 ) (2 )% Depreciation and amortization 50,832 47,442 (3,390 ) (7 )% Vessel operating profit $ 34,894 $ 36,605 $ (1,711 ) (5 )% Select operating statistics: Utilization 84.4 % 89.1 % (4.7 )% Active utilization 84.4 % 89.1 % (4.7 )% Average vessel day rates $ 23,237 $ 21,917 $ 1,320 6.0 % Vessel operating cost per active day $ 10,454 $ 9,532 $ (922 ) (9.7 )% Average total vessels 56 50 6 Average stacked vessels — — — Average active vessels 56 50 6 Revenue: ● Increase primarily driven by higher day rates and an increase in the vessel count as we had vessels transfer into the segment. This was partially offset by a decrease in utilization. ● Active utilization decreased due to higher drydock and idle days. Vessel operating costs: ● Increase primarily due to higher crew costs as a result of increased vessel count, primarily in the Mediterranean, and higher fuel costs largely related to higher fuel prices and an increase in fuel consumption from higher mobilization days. The increase in repair and maintenance costs was primarily due to vessels transferring into the segment and high-cost repairs. General and administrative expense: ● No significant variances. Depreciation and amortization expense: ● Increase primarily due to higher depreciation and amortization of drydock costs from higher number of vessels. 42 West Africa Segment Operations. (In Thousands except for statistics) Six Months Ended June 30, 2026 June 30, 2025 Change % Change Total revenue $ 163,069 $ 189,021 $ (25,952 ) (14 )% Costs and expenses: Vessel operating costs: Crew costs 34,062 37,613 3,551 9 % Repair and maintenance 11,375 10,352 (1,023 ) (10 )% Insurance 1,047 1,115 68 6 % Fuel, lube and supplies 9,688 10,508 820 8 % Other 11,410 14,991 3,581 24 % Total vessel operating costs 67,582 74,579 6,997 9 % General and administrative 6,225 5,434 (791 ) (15 )% Depreciation and amortization 27,420 31,378 3,958 13 % Vessel operating profit $ 61,842 $ 77,630 $ (15,788 ) (20 )% Select operating statistics: Utilization 78.4 % 63.2 % 15.2 % Active utilization 81.5 % 68.3 % 13.2 % Average vessel day rates $ 20,741 $ 23,699 $ (2,958 ) (12.5 )% Vessel operating cost per active day $ 6,890 $ 6,292 $ (597 ) (9.5 )% Average total vessels 55 69 (14 ) Average stacked vessels (2 ) (5 ) 3 Average active vessels 53 64 (11 ) Revenue: ● Decrease primarily driven by lower vessel count and lower day rates, partially offset by much higher utilization. ● Increase in utilization primarily due to lower idle and drydock days. Vessel operating costs: ● Decrease primarily due to lower crew costs as a result of lower number of vessels in the segment and lower other costs as a result of lower relief vessel costs in 2026 compared to 2025. These decreases were partially offset by higher repair and maintenance costs. General and administrative expense: ● Increase primarily due to higher professional fees, salaries and benefits and travel costs. Depreciation and amortization expense: ● Decrease due to lower amortization of drydock costs largely related to lower vessel count. 43 Liquidity, Capital Resources and Other Matters Our objective in financing our business is to maintain and preserve adequate financial resources and sufficient levels of liquidity. As of June 30, 2026, we had $616.1 million in cash and cash equivalents, and a borrowing capacity under our Revolving Credit Facility of $250.0 million for which any future borrowings would be due April 2030. As of the date of this filing, no amounts have been drawn under the Revolving Credit Facility. As of June 30, 2026, we had $650.0 million in 9.125% Senior Notes that mature in July 2030 (2030 Notes). Please refer to Note (8) - “Debt” to the accompanying Condensed Consolidated Financial Statements for further details on our indebtedness. Working capital, which includes cash on hand, was $697.3 million at June 30, 2026, and included $5.7 million of current maturities on long term debt. On February 22, 2026, we entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participações S.A and its affiliate Atlantic Offshore Services S.A. (collectively, the Wilson Companies) from Wilson Sons S.A., Ultranav International II, S.A. and Remolcadores Ultratug Limitada (collectively, the Wilson Sellers). The Wilson Companies own 22 platform supply vessels operating in Brazil. We will pay the Wilson Sellers an aggregate cash purchase price of $500.0 million on a debt free, cash free basis, subject to adjustments, including a reduction for the assumption of the Wilson Companies’ debt which was approximately $231.0 million as of June 30, 2026. The final debt amount will be determined upon completion of this transaction. We have received all required local regulatory approvals, including approval from the Brazilian Antitrust Authority, and have obtained all of the change-of-control waivers required under the Wilson Companies credit facilities. We will continue to complete documentation relating to the remaining closing matters, including amendments to the credit facilities, and now expect to close around September 1, 2026. We believe cash and cash equivalents and net cash provided by operating activities, supplemented with our revolving credit capacity, provide us with sufficient liquidity to fund our obligations and meet our liquidity requirements, including the cash required to close the acquisition of the Wilson Companies. We do not expect any significant liquidity issues to arise from the Iran conflict, but we will continue to monitor this situation. Our cash and cash equivalents include restricted cash and other amounts held by foreign subsidiaries, the majority of which is available to us without adverse tax consequences. As of June 30, 2026, approximately 15% of our cash balance held in foreign subsidiaries is awaiting U.S. dollar conversion. We currently expect earnings by our foreign subsidiaries will be indefinitely reinvested in foreign jurisdictions to fund strategic initiatives (such as investment, expansion and acquisitions), fund working capital requirements and repay intercompany liabilities of our foreign subsidiaries in the normal course of business. Moreover, we do not currently intend to repatriate earnings of our foreign subsidiaries to the U.S. because cash generated from our domestic businesses and the repayment of intercompany liabilities from foreign subsidiaries are currently sufficient to fund the cash needs of our U.S. operations. A key component of our growth strategy is expanding our business and fleet through acquisitions, joint ventures and other strategic transactions. We would expect to finance any strategic transactions through cash on hand, the sale of our securities or through debt financing. The Revolving Credit Facility contains customary affirmative and negative covenants, representations and warranties, and events of default, along with the following three financial covenants: (i) a minimum liquidity test that the sum of consolidated cash and available commitments under the Revolving Credit Facility shall not be less than the greater of $20.0 million or 10% of net interest-bearing debt as defined in the agreement; (ii) the ratio of net interest bearing debt as defined in the agreement to consolidated earnings before depreciation and amortization, interest and other debt costs, net and income tax expense shall be equal to or less than 3 to 1; and (iii) the aggregate fair market value of the collateral vessels divided by the total outstanding debt shall be at least 2.5 to 1. We are currently in compliance and anticipate maintaining ongoing compliance with these financial covenants. During the six months ended June 30, 2026, we generated $27.1 million in net income and $86.2 million in cash flow from operating activities, which is net of our interest payments and drydock costs. 44 Share Repurchases On February 27, 2025, our Board of Directors (Board) approved a $90.3 million share repurchase program, and then on August 1, 2025, our Board approved a new $500.0 million share repurchase program. No shares were repurchased during the three and six months ended June 30, 2026. During the three months ended June 30, 2025, we repurchased and retired 1,379,723 shares for approximately $50.8 million excluding commissions and a 1% excise tax. During the six months ended June 30, 2025, we repurchased and retired 2,290,204 shares for approximately $90.0 million, excluding commissions and a 1% excise tax. Please refer to Item 5 of our 2025 Annual Report - Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities for additional information regarding repurchases of our common stock. Dividends No dividends were declared for the six months ended June 30, 2026 and 2025. See also Note (5) - “Stockholders’ Equity and Dilutive Equity Instruments” to the accompanying Condensed Consolidated Financial Statements. Operating Activities Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was $86.2 million and $154.1 million, respectively. Net cash provided by operating activities for the six months ended June 30, 2026 reflects net income of $27.1 million, which includes non-cash depreciation and amortization of $133.0 million and net gains on asset dispositions of $3.2 million. Combined changes in operating assets and liabilities used $41.5 million in cash, and cash paid for deferred drydock and survey costs was $59.7 million. Net cash provided by operating activities for the six months ended June 30, 2025 reflects net income of $115.0 million, which includes non-cash depreciation and amortization of $129.7 million and net gains on asset dispositions of $8.0 million. Combined changes in operating assets and liabilities provided $10.1 million in cash, and cash paid for deferred drydock and survey costs was $67.1 million. Investing Activities Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $15.0 million and $3.7 million, respectively. Net cash used in investing activities for the six months ended June 30, 2026 reflects receipt of $14.9 million primarily related to the sale of four vessels. Additions to properties and equipment were comprised of approximately $26.8 million in capitalized upgrades to existing vessels and equipment and $3.0 million primarily for other property and information technology equipment purchases and development work. Net cash used in investing activities for the six months ended June 30, 2025 reflects receipt of $11.7 million primarily related to the sale of six vessels. Additions to properties and equipment were comprised of approximately $11.9 million in capitalized upgrades to existing vessels and equipment and $3.6 million primarily for other property and information technology equipment purchases and development work. Financing Activities Net cash used in financing activities for the six months ended June 30, 2026 and 2025 was $34.5 million and $124.4 million, respectively. Net cash used in financing activities for the six months ended June 30, 2026 included payments of long-term debt of $2.9 million, debt issuance costs of $0.1 million, finance lease payments of $24.9 million related to the acquisition of two vessels previously under bareboat charters and $6.5 million in shares acquired to pay employee taxes on share-based awards. Net cash used in financing activities for the six months ended June 30, 2025 included payments of long-term debt of $26.5 million, the purchase of 2,290,204 shares of our common stock for $90.1 million and $7.8 million in shares acquired to pay taxes on share-based awards. 45 Application of Critical Accounting Policies and Estimates Our 2025 Annual Report filed with the SEC on March 2, 2026, describes the accounting policies that are critical to reporting our financial position and operating results and that require management’s most difficult, subjective or complex judgments. This Quarterly Report on Form 10-Q should be read in conjunction with the discussion contained in our 2025 Annual Report regarding these critical accounting policies. New Accounting Pronouncements For information regarding the effect of new accounting pronouncements, see “Note (2) - Recently Issued or Adopted Accounting Pronouncements” of Notes to Unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Form 10-Q. 46