Tidewater Inc. · NYSE:TDW
Tidewater — Merger or Acquisition (February 2026)
13 slides from Tidewater's merger presentation, Feb 24, 2026
Slide 1: Wilson Sons UltraTug Offshore Acquisition
tdw.com Wilson Sons UltraTug Offshore Acquisition Investor Presentation February 22, 2026
Slide 2: Forward-looking statements safe harbor
tdw.com In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this communication are forward-looking statements which reflect our current view with respect to future events and future financial pe
Slide 3: Transaction Summary
tdw.com Transaction Summary Transaction Overview Tidewater Inc. (“TDW” or the “Company”) has entered into a definitive agreement to acquire Wilson Sons Ultratug Offshore Participações S.A. and Atlantic Offshore Services S.A. (“WSUT”) (the “Transaction”) WSUT owns 22 PSVs, 19 of which are Brazilian-b
Slide 4: Strategic Rationale
tdw.com Acquired fleet also provides meaningful REB(3) capacity, providing optionality for legacy Tidewater vessels to pursue opportunities in the Brazilian offshore market Strategic Rationale 4 7 Built-in low cost, long-duration financing provides compelling cost of capital advantage Provides compe
Slide 5: Overview of WSUT
tdw.com Overview of WSUT 5 Note: Calculations for average age, backlog and headcount statistics as of September 30, 2025. 88% 4% 4% 4% Petrobras Fendercare Subsea 7 Others 966 employees 735 offshore 231 onshore Petrel, 640m2, 3,000 DWT Fragata, 640m2, 3,000 DWT Batuíra, 840m2, 4,500 DWT Zarapito, 84
Slide 6: Tidewater Continues to Expand and Evolve
tdw.com 108 46 37 191 22 213 Legacy TDW SPO SOFF Current TDW WSUT Pro Forma TDW Tidewater Continues to Expand and Evolve… 6 TDW has high-graded its fleet by focusing on high-quality, young assets, and value-accretive transactions for in-demand vessel classes Note: As of September 30, 2025. (1) Exclu
Slide 7: Leading OSV Operator with the Largest High-Specification Fleet
tdw.com …Firmly Establishing Itself as the Leading OSV Operator with the Largest High-Specification Fleet 7 Note: Vessel count reflects only PSVs and AHTSs; does not reflect 18 other TDW vessels including crew boats, maintenance vessels and tug boats. Source: Spinergie as of February 2026 and Compan
Slide 8: Brazil Market Overview
tdw.com Market growth supported by strong rig and FPSO demand and expected continued robust levels of offshore investment Brazil Market Overview 8 Petrobras E&P Capital Expenditures ($bn)(3) (1) Source: Clarksons as of January 2026. Values reflect January 1st of each year. (2) Source: Spinergie as o
Slide 9: Brazil PSV Market Overview
tdw.com 8 2 2 2 4 7 9 17 19 23 29 Others Marlin Navegação Maersk Augusta Offshore Sea1 Offshore OceanPact Bravante Starnav WSUT CBO Chouest Brazil PSV Market Overview 9 Brazilian-Flagged PSV Effective Utilization Brazilian-Built PSV Market(1) Brazilian PSV Market by Flag State(1) Brazilian-built ves
Slide 10: Highly Attractive and Untapped REB Tonnage
tdw.com Highly Attractive and Untapped REB Tonnage 10 (1) ANTAQ: Brazilian National Waterway Transportation Agency. REB Tonnage Overview WSUT REB Regime WSUT REB capacity enables future vessel import opportunities Priority for Brazil-Built Vessels OSV vessels supporting E&P activities within Brazili
Slide 11: WSUT Pro Forma Debt Payment Profile
tdw.com $650 $22 $37 $33 $33 $33 $26 $20 $9 $6 $5 $28 $43 $38 $38 $683 $0 $100 $200 $300 $400 $500 $600 $700 $800 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 9.125% Senior Notes due July 2030 Vessel Facility Agreements WSUT Pro Forma Debt Payment Profile ($m) 11 Note: Represents WSUT outstandi
Slide 12: Summary
tdw.com Summary 2 Attractive market fundamentals supporting meaningful cash flow generation capacity 4 Full cycle financial resilience with strong balance sheet and liquidity 3 Strong global footprint and increased exposure to blue-chip operators 5 Scalable platform designed for cash flow generation
Slide 13: Thank you
‘|’ TIDEWATER Thank you tdw.com