Tidewater is the world's largest operator of offshore support vessels (OSVs), providing marine services to the global offshore oil and gas industry across 30+ countries with a fleet of 208 vessels. Tidewater's two core vessel types are Platform Supply Vessels (PSVs), which transport supplies and equipment from shore to offshore rigs and platforms, and Anchor Handling Towing Supply Vessels (AHTS), which position and moor mobile drilling rigs. PSVs account for roughly 72% of vessel revenue and AHTS roughly 24%. Customers include IOCs like Shell and TotalEnergies, national oil companies like Petrobras and Saudi Aramco, and offshore drilling and subsea contractors. Tidewater charters vessels to customers on day-rate contracts, where revenue is driven by the average day rate and utilization. Day rates are the primary profitability lever — when day rates rise, most of the increment flows through to gross margin, given the relatively fixed vessel operating cost base of crew, maintenance, and insurance. Tidewater organizes its fleet across five geographic segments: Americas, Europe/Mediterranean, West Africa, Middle East, and Asia Pacific, with vessels redeployed across regions as project demand shifts. Tidewater's primary growth strategy is fleet acquisitions funded with debt, which the company then pays down rapidly from free cash flow. The most notable recent deal is the 2023 acquisition of 37 PSVs from Solstad Offshore for ~$594M. In early 2026, Tidewater announced an agreement to acquire 22 PSVs in Brazil from the Wilson Companies for ~$500M. When acquisitions are not actionable, Tidewater returns capital through share repurchases.