TIDEWATER Business Summary

Tidewater Inc. (NYSE: TDW) is the preeminent global provider of offshore support vessels (OSVs), generating revenue through the high-margin chartering of a diverse fleet to the offshore oil, gas, and renewable energy sectors. The company operates through five geographically defined segments—the Americas, West Africa, Europe/Mediterranean, Middle East, and Asia Pacific—with a business model centered on maximizing average day rates and vessel utilization. In early 2026, Tidewater further consolidated its market leadership by announcing a $500 million acquisition of Wilson Sons Offshore Ultratug, a move that established a dominant presence in the critical Brazilian offshore market. Positioned as the industry’s largest player by fleet size and market capitalization, Tidewater maintains a competitive edge over primary rivals such as Edison Chouest Offshore, SEACOR Marine, Bourbon Offshore, and Hornbeck Offshore Services through its superior balance sheet and global operational scale. The company was founded in 1956 by maritime pioneer Alden J. "Doc" Laborde, whose launch of the Ebb Tide effectively created the modern offshore service industry. Today, Tidewater is led by President and CEO Quintin Kneen, a CPA and CFA who previously served as CEO of GulfMark Offshore prior to its 2018 merger with Tidewater. The senior management team includes EVP and CFO Samuel R. Rubio, a veteran financial executive with extensive experience in international maritime accounting, and COO Piers Middleton, who assumed his role in 2025 to lead global vessel operations. The company’s strategic direction is overseen by a board that includes prominent value investor Robert Robotti of Robotti & Company and Darron Anderson, CEO of Stallion Oilfield Holdings. Major institutional shareholders, including BlackRock, Vanguard, and T. Rowe Price, maintain significant positions, reflecting the company’s status as a primary vehicle for institutional exposure to the offshore energy recovery.