Tidewater Q3 Revenue Rises 5.3% as Offshore Vessel Day Rates Strengthen
Tidewater Inc. reported third-quarter 2026 revenue of $360.4 million, up 5.3% sequentially, as improving offshore support vessel (OSV) day rates and utilization supported earnings growth. The company also completed a $500 million acquisition in…
Average realized vessel day rates increased 3.7% sequentially to $23,775, while weighted average leading-edge term contract rates jumped 12.5% to $27,373, suggesting continued pricing momentum across the global OSV market.
"Third quarter 2026 revenue and gross margin nicely exceeded our expectations driven by continued strength in day rates and utilization," said Quintin Kneen, Tidewater President and CEO.
A significant development during the quarter was Tidewater's completion of its $500 million all-cash acquisition of Wilson Sons Ultratug Offshore (WSUT), substantially expanding its presence in Brazil, a key offshore oil and gas market. Tidewater expects to substantially complete integration of the acquired business by early 2027.
For the first nine months of 2026, revenue totaled $1.03 billion, compared with $1.02 billion a year earlier, while net income declined to $45.3 million from $114.8 million.
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