Tidewater TDW Q2 2026 earnings

“The second quarter of 2026 came in nicely above our expectations, driven by both revenue outperformance and lower-than-expected operating expenses. Day rate and utilization both outperformed, with revenue for the quarter coming in at $342.3 million. Gross margin of 46.9% came in well ahead of our expectations due to the increase in revenue and lower than anticipated operating expenses, but was down modestly from the first quarter due to costs associated with the conflict in the Middle East. Realized day rates improved materially during the quarter, up $655 per day, representing the largest absolute sequential day rate improvement since the third quarter of 2024. The improvement in day rates was driven primarily by our largest class of PSVs, with day rate momentum realized across multiple of our regional reporting segments. Further, new term contract fixture day rate momentum accelerated from the first quarter with our weighted average term contract rate increasing approximately 7.5% sequentially up approximately $1,690 per day to $24,341. Utilization also came in higher than anticipated during the quarter, though this was largely related to the timing of drydocks of certain vessels moving to later in the year.”