What Tidewater, Inc. told the SEC could break it.

Tidewater's offshore-support-vessel demand is fundamentally a derivative of oil & gas prices: it depends substantially on customers' offshore exploration/development/production capital spending, which is driven by their views of future oil & gas demand and prices. A sustained downturn in crude prices or a shift of E&P capital toward shareholder returns or alternative energy would reduce vessel demand, dayrates and utilization — a core commodity-cycle exposure for the company.

“Demand for our services depends substantially on our customers' strategies and allocation of capital spending related to offshore exploration, development and production of oil and gas reserves, which are generally dependent on our customers' views of future demand for oil and gas and future oil and gas prices”

Tidewater derives a significant share of revenue from a small number of large oil & gas customers: its five largest were ~29.8% and its ten largest ~47.9% of total revenue in 2025. Eni S.p.A. was a >10% customer in 2024 (12.3%) and 2023 (10.3%), dipping just below 10% in 2025 (the named Eni relationship is captured as a graph edge). Charters renew/expire on cycles with no long-term purchase obligation, so the loss of, or reduced offshore programs at, a top customer would materially affect vessel utilization and revenue.

“For the year ended December 31, 2025, our five largest customers accounted for approximately 29.8%, while our ten largest customers accounted for approximately 47.9% of our total revenues.”