Slide 1: August 2025 Investor Presentation
August 2025 Investor Presentation tdw.com
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,
Slide 3: Agenda
Agenda 1. Company Overview 2. Market Overview 3. Financials 4. Sustainability at Tidewater 5. Appendix tdw.com
Slide 4: 1. Company Overview
‘|’ TIDEWATER 1. Company Overview
Slide 5: Tidewater – The Premier Global OSV Fleet
Tidewater – The Premier Global OSV Fleet Company Overview Today Global Footprint in All Major Offshore Regions The largest offshore support vessel operator in the world Strong international footprint with a presence in every major market Vessels provide support to offshore E&P, subsea, offshor
Slide 6: Global Footprint in All Major Offshore Regions
Global Footprint in All Major Offshore Regions Europe (50 OSVs) West Africa (46 OSVs) 189 OSVs 1 2 2 8 9 13 51 4 15 39 3 Middle East (41 OSVs) Americas (33 OSVs) Asia Pacific (19 OSVs) 1 1 2 2 15 8 2 11 138 3 5 9 12 5 12 5 PSV AHTS Total Fleet >900 m2 700 – 900 m2 <700 m2 >16K BHP 8 - 16K BHP 4 - 8K
Slide 7: Fleet Overview
Fleet Overview 138 Specially designed to supply offshore oil 17 Specially designed to transport as many and gas platforms, drilling rigs and as 150 personnel from shore bases to infrastructure offshore rigs, platforms and other Transport variety of cargoes incl. fuel, installations at high spe
Slide 8: Fleet Evolution – High-Specification Vessel Focus
Fleet Evolution – High-Specification Vessel Focus TDW has meticulously high-graded its fleet by focusing on high-quality assets, large vessels routinely in high demand and value accretive acquisitions Current OSV Fleet Count(1) High-Specification OSV Fleet Size PSV AHTS TDW added 83 premier, high- q
Slide 9: Leading OSV Operator with Largest High-Specification Fleet
Leading OSV Operator with Largest High-Specification Fleet OSV Count and Age Profile 200 189 20.0 180 18.0 160 16.0 140 14.0 Average Age (Years) 118 120 112 12.0 106 100 10.0 OSVs 89 80 8.0 62 60 55 6.0 47 45 44 42 40 29 4.0 20 2.0 0 0.0 Chouest COSL Bourbon Vallianz Hornbeck ADNOC P&O CBO Hai Duong
Slide 10: Blue Chip Customer Base
Blue Chip Customer Base Americas Europe / Med Vessel Mix Customers Vessel Mix Customers 1 7 8 13 13 41 Middle East West Africa Vessel Mix Customers Strong credit Vessel Mix Customers 1 counterparties Asia Pacific 5 provide for strong 13 13 Vessel Mix Customers cash collections, with Q2’25 DSO of ~77
Slide 11: Historical Performance
Historical Performance Day Rate and Gross Margin Through Q2 2025 25,000 60% 50% 20,000 40% 15,000 Gross Margin (%) Day Rate in USD 30% 10,000 20% 5,000 Significant improvement in day 10% rates and cash margins - 0% Day Rate Gross Margin High-Graded Fleet and Significant Synergy Realizations Have Sup
Slide 12: 2. Market Overview
‘|’ TIDEWATER 2. Market Overview
Slide 13: Global Offshore Spending Overview
Global Offshore Spending Overview Commentary Global Offshore Commitments by Water Depth ($bn) The offshore market demonstrated robust growth across most $180 $160 $148 major basins in 2024, and was especially pronounced in Brazil $140 $140 and West Africa $120 $102 $106 $119 $69 $50 The long-ter
Slide 14: Global OSV Utilization
Global OSV Utilization Utilization, Global, AHTS >4,000 BHP Utilization, Global, PSV >1,000 dwt No. of OSVs Utilization, % No. of OSVs Utilization, % 2,000 100% 2,000 100% 1,800 95% 1,800 95% 1,600 90% 1,600 90% 1,400 85% 1,400 85% 1,200 80% 1,200 80% 1,000 75% 1,000 75% 800 70% 800 70% 600 Laid Up
Slide 15: OSV Day Rate Progression
OSV Day Rate Progression PSV TC Rates AHTS TC Rates 70,000 70,000 60,000 60,000 50,000 50,000 40,000 40,000 30,000 30,000 20,000 20,000 10,000 10,000 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2
Slide 16: Tidewater Leading Edge Contracts
Tidewater Leading Edge Contracts Q2’25 Q3 2024 Leading Q4 2024 Leading Q1 2025 Leading Q2 2025 Leading Q2 2025 Vessel Class Tidewater Edge Term Edge Term Edge Term Edge Term Realized Day Vessel Count Contracts Contracts Contracts Contracts Rate >900m2 PSV 69 $37,283 $32,492 $29,345 $30,932 $27,102 7
Slide 17: Global Fleet Profile by Vessel Type
Global Fleet Profile by Vessel Type Average Age – Vessel Class Number of Vessels Average Age (yrs) Active(1) Laid-up Active as % of Total Laid-up (yrs) >900m2 PSV 396 13.9 382 14 19.4 96.5% 700 - 900m2 PSV 409 13.5 347 62 21.1 84.8% <700m2 PSV 740 21.5 535 205 29.4 72.3% PSV Sub-total 1,545 17.4 1,2
Slide 18: Newbuild Economics Considerations
Newbuild Economics Considerations Newbuild Economics Require a Through-Cycle Average Day Rate of ~$44k/d to Achieve “NPV Zero” Based on 20 Year Useful Life Operating Assumptions: $43k/day (European-Built, >900m2 PSV) $44k/day Newbuild Cost ($m) $65 45 18 yrs. $45k/day Assumed day rate ($k/day) $44 O
Slide 19: Shipyard Capacity & Orderbook Status
Shipyard Capacity & Orderbook Status Number Of ‘Active’ Shipyards (vessels of c.1,000+ GT) OSV Orderbook Development No., End Year No. units % of Fleet 1,200 45% 1,200 ~1,000 40% 1,000 1,000 35% Global shipyard capacity down 800 30% 800 ~57% AHTS Orderbook 25% 600 PSV Orderbook 600 448 PSV % of Flee
Slide 20: Lack of Debt Availability: May Delay Newbuild Investment
Lack of Debt Availability: May Delay Newbuild Investment Leading Bank Maritime Portfolios 2008 Leading Bank Maritime Portfolios 2024 0 10 20 30 40 50 60 0 10 20 30 40 50 60 HSH Nordbank BNP Paribas Commerzbank (ex-DSB) BoCom Leasing DnB NOR China Exim RBS ICBC Leasing KfW IPEX-Bank Credit Agricole C
Slide 21: Global & Active OSV Fleet Attrition
Global & Active OSV Fleet Attrition Global OSV Fleet – Vessels <25 Years Old Active OSV Fleet Attrition – Vessels To Age Beyond 25 Years No. of OSVs No. of OSVs 3,500 0 Total fleet of existing OSVs <25 years old to contract by approximately 40% 3,000 over the next decade (50) 2,500 (100) 2,000 (150)
Slide 22: 3. Financials
‘|’ TIDEWATER 3. Financials
Slide 23: Historical and Projected Financial Profile
Historical and Projected Financial Profile Revenue ($m) Adjusted EBITDA ($m) and Margin (%) 1,346 1,350 560 557 38% 41% 1,010 42% 26% 387 648 19% 407 487 14% 397 371 10% 9% 167 68 74 41 35 (1) (2) 2018 2019 2020 2021 2022 2023 2024 2025E 2018 2019 2020 2021 2022 2023 2024 2025E Gross Debt and CashEq
Slide 24: Significant Cash Generation via Day Rate Normalization
Significant Cash Generation via Day Rate Normalization Illustrative Unlevered Vessel-Level Cash Flow Generation and Implied Returns at Various Day Rates 1,600 1,400 TDW Fleet Replacement(1) ($bn) 1,200 PSVs $ 6.4 AHTSs 1.2 Other 0.1 1,000 $ in Millions Total Replacement Value $ 7.8 800 1,415 1,309 6
Slide 25: Fleet Focus – Drydocks and Vessel Vintage
Fleet Focus – Drydocks and Vessel Vintage Pro Forma Historical Drydock Spend(1) Tidewater OSV Vintage Distribution(2) $ in millions Drydock spend driven primarily by the age of a vessel and its required 5-year docking schedule Significant variability in drydock spend can be seen from non-uniform Sig
Slide 26: Debt Capital Structure Overview
Debt Capital Structure Overview TDW Debt Maturity Profile 2025(1)(2) Comments ($ in millions) Senior Unsecured Notes In July 2025 Tidewater refinanced the majority of its debt capital structure, 700 issuing $650 million of 9.125% senior unsecured notes due July 2030 600 Tidewater used the net pr
Slide 27: 4. Sustainability at Tidewater
4. Sustainability at Tidewater tdw.com
Slide 28: Our Commitment to Sustainability
Our Commitment to Sustainability Environment Social Governance Environmental Management and Provide the Safest Working Corporate Governance and Ethics Pollution Reduction Environment Possible Reducing Emissions through Continuous Health and Safety Battery-Power, Shore Power and Supply Chain Manageme
Slide 29: Our Commitment to Sustainability
Our Commitment to Sustainability Using a 2008 base year as described in the Fourth IMO GHG Study 2020,Tidewater has committed to a 50-60% reduction of our well-to-wake IMO Time CO2-e intensity from operations by 2030. tdw.com
Slide 30: 2024 Sustainability Report
2024 Sustainability Report Our 2024 Sustainability Report was published April 2025 Tidewater’s 2024 Sustainability Report reflecting the company’s sustainability performance for the year, along with management’s approach to material sustainability topics, is available on the company website: htt
Slide 31: Safety Leadership Remains a First Priority
Safety Leadership Remains a First Priority Total Recordable Case Frequency 2015 - 2024 TRCF = (LTIs + RECs) x 1,000,000 / Exposure Hours 3.00 1.00 1.00 2.00 0.0 2.00 0.0 2.50 0.59 0.62 TRCF 10 Year Average TRCF CY 2024 2.00 1.50 1.00 0.50 0.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tidewa
Slide 32: Summary
Summary 1 Largest global OSV operator 2 Attractive market fundamentals supporting meaningful cash flow generation capability 3 Strong global footprint and increased exposure to blue-chip operators 4 Full cycle financial resilience with strong balance sheet and liquidity 5 Platform designed for cash
Slide 33: 5. Appendix
‘|’ TIDEWATER 5. Appendix
Slide 34: Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation
Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA 2018 – 2019 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Net Loss (39,029) (11,182) (31,183) (90,377) (171,771) (21,286) (15,553) (43,806) (60,574) (141,219) Interest and other debt c
Slide 35: Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation
Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA 2020 – 2021 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 Net Loss (18,524) (110,664) (38,081) (29,427) (196,696) (35,527) (29,647) (26,407) (38,079) (129,660) Interest and other debt
Slide 36: Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation
Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA 2022 – 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Net Income / (Loss) (12,271) (25,014) 4,910 10,182 (22,193) 10,816 21,928 25,549 37,328 95,621 Interest and other debt cost 4,
Slide 37: Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation
Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA Reconciliation Adjusted EBITDA 2024 – 2025 YTD Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 2025 YTD Net Income / (Loss) 46,745 49,917 45,991 36,619 179,272 42,320 72,702 115,022 Interest and other debt cost 19,476 19,127 17,622 16,742
Slide 38: Thank you
‘|’ TIDEWATER Thank you tdw.com