Tidewater Inc. · NYSE:TDW
Tidewater — Merger or Acquisition (February 2026)
13 slides from Tidewater's merger presentation, Feb 22, 2026
Slide 1: Wilson Sons UltraTug Offshore Acquisition
Wilson Sons UltraTug Offshore Acquisition Investor Presentation February 22, 2026 tdw.com
Slide 2: Forward-looking Statements
Forward-looking Statements 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
Slide 3: Transaction Summary
Transaction Summary 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”) Transaction WSUT owns 22 PSVs, 19 of which are Brazilian-built, establi
Slide 4: Strategic Rationale
Strategic Rationale WSUT acquisition continues Tidewater’s track record of acquiring large, modern fleets of OSVs, with a 1 pro forma fleet of 213 OSVs(1) and an average age of 13.6 years(2) Provides compelling entry point and scale into Brazil, one of the largest and most prolific 2 offshore oil an
Slide 5: Overview of WSUT
Overview of WSUT Vessel Classification Customer Mix Q3 2025 YTD Select Vessels 4% 4% > 700m2 < 700m2 4% Deck Space Deck Space Petrobras Petrobras Fendercare Fendercare Subsea 7 Subsea7 13 PSVs 9 PSVs Larus, 920m2, 5,000 DWT Pinguim, 920m2, 5,000 DWT Others Others 88% 12 Years 17 Years Average Age Av
Slide 6: Tidewater Continues to Expand and Evolve
Tidewater Continues to Expand and Evolve… TDW has high-graded its fleet by focusing on high-quality, young assets, and value-accretive transactions for in-demand vessel classes OSV Fleet Size (PSV and AHTS Vessels)(1) TDW added 105 premier, high-quality OSVs to its fleet via M&A since 2022 22 213 37
Slide 7: Leading OSV Operator with the Largest High-Specification Fleet
…Firmly Establishing Itself as the Leading OSV Operator with the Largest High-Specification Fleet OSV Count and Age Profile 250 25 213 200 191 20 Average Age (Years) 150 15 OSVs 117 112 98 100 89 10 62 56 48 45 44 50 42 5 28 22 0 0 TDWPF TDWS Chouest (1) COSL Bourbon Vallianz Hornbeck ADNOC P&O CBO
Slide 8: Brazil Market Overview
Brazil Market Overview Market growth supported by strong rig and FPSO demand and expected continued robust levels of offshore investment Rig Demand Growth (Floater Demand)(1) Number of Contracted FPSOs(2) 59 62 62 61 62 38 56 58 54 53 53 36 36 36 49 51 48 34 30 25 2025E 2026E 2027E 2028E 2029E 2030E
Slide 9: Brazil PSV Market Overview
Brazil PSV Market Overview Brazilian-Flagged PSV Effective Utilization Brazilian-Built PSV Market(1) 200 95% Chouest 29 160 90% CBO 23 (3) 120 85% WSUT 19 80 80% Starnav 17 40 75% Bravante 9 0 70% OceanPact 7 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Brazilian Flagged PSVs (No.) Effective Utilizatio
Slide 10: Highly Attractive and Untapped REB Tonnage
Highly Attractive and Untapped REB Tonnage REB Tonnage Overview WSUT REB Regime OSV vessels supporting E&P activities within Brazilian waters are reserved to Brazilian-flagged vessels under the cabotage regime Only Brazilian Navigation Companies (“EBNs”) can operate and charter vessels in Brazil
Slide 11: Pro Forma Debt Payment Profile ($m)
Pro Forma Debt Payment Profile ($m) $800 9.125% Senior Notes due July 2030 Vessel Facility Agreements WSUT $700 $683 $33 $600 $500 $400 $650 $300 $200 $100 $43 $38 $38 $28 $20 $9 $22 $37 $33 $33 $26 $6 $5 $0 (1) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Note: Represents WSUT outstanding debt
Slide 12: Summary
Summary 1 Largest global OSV Operator 2 Attractive market fundamentals supporting meaningful cash flow generation capacity 3 Strong global footprint and increased exposure to blue-chip operators 4 Full cycle financial resilience with strong balance sheet and liquidity 5 Scalable platform designed fo
Slide 13: Thank you
‘|’ TIDEWATER Thank you tdw.com