Tidewater Inc. reported significant financial growth for the three and nine months ended September 30, 2024, driven by increased vessel revenues and strategic acquisitions. Total revenue for the third quarter reached $340.4 million, up from $299.3 million in the same period of 2023, while revenue for the nine months increased to $1,000.8 million from $707.3 million, marking a 41% rise. This growth was largely attributed to higher average vessel day rates, which rose to $20,959 for the nine months, a 28.5% increase compared to the previous year.

The company’s operating income for the third quarter was $69.9 million, compared to $55.7 million in 2023, and for the nine months, it surged to $230.0 million from $119.1 million, reflecting a 93% increase. Net income for the third quarter was $46.0 million, significantly higher than $25.5 million in the prior year, while net income for the nine months reached $142.7 million, up from $58.3 million, representing a 145% increase.

Tidewater's acquisition of 37 platform supply vessels from Solstad Offshore ASA for approximately $594.2 million on July 5, 2023, played a crucial role in this growth. The acquisition was financed through a combination of cash, a Senior Secured Term Loan, and 10.375% Senior Unsecured Notes. The newly acquired vessels contributed $201.5 million to revenue for the nine months ended September 30, 2024.

The company’s financial position showed improvements, with total current assets increasing to $626.0 million from $591.1 million as of December 31, 2023. Total stockholders’ equity rose to $1,116.5 million, up from $1,039.2 million. The accumulated deficit decreased to $(541.2) million from $(637.8) million, indicating improved profitability.

Cash flow from operating activities for the nine months ended September 30, 2024, was $182.5 million, a substantial increase from $57.5 million in the same period of 2023. Net cash used in investing activities significantly decreased to $6.0 million from $607.8 million, reflecting the completion of the Solstad acquisition in the previous year.

Tidewater's total long-term debt as of September 30, 2024, was $597.4 million, down from $631.4 million at the end of 2023. The company remains compliant with its financial covenants, maintaining a positive outlook amid ongoing market challenges.