Tidewater reported second-quarter 2026 revenue of $342.3 million, a 4.9% sequential increase that exceeded expectations, driven by higher day rates and stronger utilization. The weighted average leading edge day rate rose 7.5% sequentially to $24,341 per day, reflecting tight supply and demand dynamics in global offshore markets. Gross margin was 46.9%, nearly three percentage points above prior expectations but down from 48.8% in the first quarter, as $6.8 million in conflict-related costs from Operation Epic Fury weighed on results. Free cash flow nearly doubled from the first quarter to $64.4 million, helped by the deferral of seven vessel dry docks. The company now expects the Wilsons acquisition to close around September 1, 2026, a two-month delay, and revised full-year revenue guidance to $1.42 billion to $1.47 billion with a gross margin range of 49% to 50%.
Tidewater IncRevenue beat on higher day rates and utilization, reflecting tight supply/demand in offshore markets.
