TDW Tidewater (TDW) Q4 FY25 earnings call
Tidewater delivered a strong Q4 FY25, marked by robust free cash flow generation and the strategic acquisition of Wilson Sons Offshore Ultratug, which significantly expands its presence in Brazil. Despite some regional market softness and geopolitical uncertainties in the Middle East, the company maintains an optimistic outlook for 2026, anticipating increased offshore drilling activity and continued market tightening in the second half of the year, supported by a disciplined capital allocation strategy.
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TDW operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Term contracts entered into | 21During the quarter, we entered into 21 term contracts with an average duration of 6 months as we are working to ensure that we maintain vessel availability for new contract opportunities as the market is expected to tighten later this year.Source: earnings call transcript | 18During the quarter, we entered into 18 term contracts with an average duration of 13 months with two specific long-term contracts skewing the average.Source: earnings call transcript | 25During the quarter, we entered into 25 term contracts with an average duration of approximately 12 months.Source: earnings call transcript | +38.9% |
| Average term contract duration | 6During the quarter, we entered into 21 term contracts with an average duration of 6 months as we are working to ensure that we maintain vessel availability for new contract opportunities as the market is expected to tighten later this year.Source: earnings call transcript | 13During the quarter, we entered into 18 term contracts with an average duration of 13 months with two specific long-term contracts skewing the average.Source: earnings call transcript | ~12During the quarter, we entered into 25 term contracts with an average duration of approximately 12 months.Source: earnings call transcript | — |
| Active utilization | 81.7%However, we did see a nice increase in active utilization from 78.5% in the third quarter to 81.7% in the fourth quarter, which was our highest active utilization since Q1 2024.Source: earnings call transcript | 80.6%We saw average day rates increase about 1% versus the fourth quarter, but saw a slight decrease in active utilization to 80.6% from 81.7% in Q4.Source: earnings call transcript | — | -1.1 pt |
| Drydock days | 672We had 672 drydock days that affected utilization by about 4 percentage points in Q4.Source: earnings call transcript | 949Q1 is typically a heavy drydock quarter, and this quarter was no exception as we had 949 drydock days that affected utilization by about 5 percentage points.Source: earnings call transcript | 750In the second quarter, we incurred 750 dry dock days and $23.3 million in drydock costs compared to 949 dry dock days and $36.4 million in costs in Q1.Source: earnings call transcript | -21% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.