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(NYSE:TDW) Management emphasized that foreign exchange benefits and operational efficiency were key contributors to above-guidance margin performance. The successful refinancing to an unsecured bond structure and establishment of a new revolving credit facility have materially increased the company’s financial flexibility. The company launched a $500 million share repurchase authorization, representing over 20% of market capitalization as of August 4, 2025, and signaled intent to execute it opportunistically while prioritizing M The fiscal Q3 and second-half 2025 outlooks have moderated, with management now anticipating a sequential revenue decline of about 4% and a fiscal Q3 gross margin of 45%, due primarily to regional day rate softness and higher idle vessel costs. Firm backlog and contractual options now cover approximately 73% of available days for the rest of the year, with the company maintaining its full-year 2025 revenue and gross margin guidance. Structural vessel supply tightness persists, with new build activity still negligible and expected to remain a tailwind for price discipline through at least 2026.

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