Tidewater lifts 2026 revenue view to $1.48B, keeps $500M buyback as offshore market tightens
Tidewater Inc bumped up its 2026 revenue outlook on Monday and left its $500 million buyback program untouched, following a steep rise in quarterly profit. Management pointed to a constrained offshore vessel market and anticipated growth in drilling demand. CEO Quintin Kneen noted “vessel supply remains sufficiently tight,” adding the company is set up to “push day rates” as activity picks up. Tidewater’s day rates and utilization are tightly linked to offshore work schedules. The company runs offshore support vessels—workboats that haul people, gear, supplies to rigs and production platforms. Once budgets get cut, customers don’t hesitate to scale back.