American marine services company Tidewater announced its results for the third quarter ended September 30, 2025, reporting total revenue of $341.1 million, a 0.2 per cent improvement compared to the third quarter of 2024.
The company posted a net loss of $0.8 million, or $0.02 per common share, which was adversely impacted by a $27.1 million loss on the early extinguishment of debt associated with a July refinancing. This compares to a net income of $46.4 million in Q3 2024.
Adjusted EBITDA for the quarter was $137.9 million, and the company generated $72.1 million in net cash from operating activities, with free cash flow of $82.7 million. Average day rates for the quarter were $22,798, a 2.3 per cent improvement year-on-year.
Quintin Kneen, Tidewater’s President and CEO, stated that the quarter came in above expectations as vessel up-time across the fleet exceeded estimates. He noted that while average day rates softened modestly in the North Sea and West Africa, active utilisation increased in nearly all operating segments.
Kneen commented, “We entered 2025 with a lack of clarity as to how the next phase of offshore activity would unfold...We have been able to maintain the midpoint of our full-year revenue and margin guidance throughout the year, a testament to the resilience of our business.”
Reflecting this, Tidewater narrowed its 2025 revenue guidance to $1.33 - $1.35 billion, with 99 per cent of this guidance already covered by completed and contracted revenue.
The company also initiated its 2026 revenue guidance at $1.32 - $1.37 billion. Tidewater also has $500 million in outstanding authorisation for its share repurchase program.
