TDW Q1 net income falls 85.6% on higher taxes, non-operating costs; Iran conflict adds $1.9M/mo

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~2 min read

Key Changes

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  Net income fell 85.6% YoY to $6.1M (vs operating income down 21.4%) as below-the-line costs increased $20.4M, driven by non-operating/other expenses (-$11.5M), income tax (-$8.8M), and noncontrolling interest (-$169K). The bottom-line decline did not come from operations.

  MD&A: Financial Results verify on EDGAR →
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  Iran conflict (began Feb 28, 2026) partially closed Strait of Hormuz, spiking oil to $100+/barrel. March costs: $1.3M crew wages/travel, $0.3M insurance, $0.3M fuel in Middle East segment. Company expects similar monthly increases if conflict continues, plus higher worldwide fuel costs during off-hire periods.

  MD&A: Iran Conflict Impact verify on EDGAR →
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  Signed definitive agreement Feb 22, 2026 to acquire 22 Brazil platform supply vessels for $500M cash (net ~$240M after assumed debt). Transaction requires Brazilian antitrust approval and lender consent; expected to close late Q2 2026.

  MD&A: Wilson Acquisition verify on EDGAR →