Tidewater revenue flat (+0.3%) as Iran conflict adds $6M in costs; operating income -23% YoY

Filed August 3, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 4, 2025 · ~2 min read

Key Changes

• high

  Iran-U.S. conflict (began Feb 2026) added $6M in costs to Middle East segment: $4.2M crew wages/travel, $0.8M insurance, $1M fuel. Strait of Hormuz partially closed; oil spiked over $100/bbl. Management expects similar costs if conflict continues.

  MD&A: Iran conflict impact verify on EDGAR →
• high

  Operating income fell 23% YoY to $121.5M (from $156M) on 9.1% higher vessel operating cost per day ($9,535 vs. $8,738), driven by repair/maintenance, crew costs (including Iran war premiums), and fuel. Revenue grew only 0.3%.

  MD&A: Operating income & vessel costs verify on EDGAR →
• high

  Wilson Companies acquisition (22 PSVs in Brazil) for $500M cash (net ~$269M after $231M debt assumption) expected to close Sept 1, 2026. All regulatory approvals obtained. No share repurchases in H1 2026 vs. $90M in prior year.

  MD&A & Notes: Wilson acquisition verify on EDGAR →