What smart money is saying about Tidewater
7 funds in our archive have pitched Tidewater, most recently Black Bear Value Fund in September 2026.
Tidewater Inc., along with its subsidiaries, provides essential marine support and transportation services globally for the offshore energy industry, leveraging its diverse fleet of specialized vessels. Its core activities include facilitating offshore oil and natural gas exploration, field development, and production, as well as contributing to windfarm development and maintenance. These critical services range from towing and anchor handling for mobile offshore drilling units to the crucial transport of supplies and personnel for ongoing drilling, workover, and production operations. Tidewater also offers offshore construction, seismic, and subsea support, provides geotechnical survey assistance for windfarm construction, and undertakes specialized tasks like pipe and cable laying. To achieve this, the company manages and charters a variety of vessels. Its deepwater fleet comprises platform supply vessels (PSVs) and anchor handling tug supply (AHTS) vessels, designed to move equipment and provisions from shore bases to offshore drilling rigs and production platforms in both deep and intermediate waters. For shallower operations, it deploys towing-supply vessels, alongside crew boats, utility vessels, and offshore tugs that shuttle personnel and materials to various offshore installations. Additionally, its offshore tugs play a vital role in towing floating drilling rigs and barges, assisting with tanker docking, and supporting construction barges, as well as pipe and cable laying activities. Tidewater's clientele is broad, encompassing major and independent oil and natural gas exploration and production firms, state-owned or controlled foreign entities, drilling contractors, and companies engaged in offshore construction, windfarm development, diving, and well stimulation. As of December 31, 2021, the company owned a fleet of 135 vessels. Tidewater Inc. was established in 1956 and is headquartered in Houston, Texas.
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Position history
Between Q3 2025 and Q3 2026, 9 fund letters reported a position in Tidewater, with 1 buy (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 3 | 0 | 0 | 1 |
| Q2 2026 | 2 | 0 | 0 | 2 |
| Q1 2026 | 2 | 1 | 0 | 2 |
| Q4 2025 | 1 | 0 | 0 | 1 |
| Q3 2025 | 1 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 9 positions · 1 move
- September 2026
“During the quarter, the Fund’s most important contributions to performance were produced by Ultrapar, Tidewater, thyssenkrupp, TS Lines, and S4 Capital.”
Tidewater - September 2026
“Tidewater (TDW) TDW appreciated approximately 22% during the third quarter and is up roughly 61% year to date.”
Tidewater - September 2026
“During the third quarter, Fund performance benefited from diversified sources of return. Leading contributors to performance included petroleum refiner PBF Energy, cybersecurity specialist Qualys, offshore energy services company Tidewater, government contractor ICF International and staffing company Robert Half.”
Tidewater - June 2026
“Tidewater (TDW) TDW declined approximately 20% during the second quarter but remains up roughly 32% year-to-date.”
Tidewater - June 2026
“Companies detracting from Fund performance this quarter included offshore energy services company Tidewater, fertilizer producer LSB Industries, pharmaceuticals company Supernus, oil and gas producer SandRidge Energy, and government consulting company Maximus.”
Tidewater - March 2026
“our third energy-related holding Tidewater was only an indirect beneficiary of disruption and higher energy prices during the quarter.”
Tidewater - March 2026
“In the Fund’s Q4 2025 shareholder letter, we explained that the Fund’s energy industry exposure lies mostly within offshore energy services businesses, Tidewater, Valaris and Subsea 7.”
Tidewater - December 2025
“As a reminder, our current oil and gas related holdings include one upstream oil and gas producer, Harbour Energy plc (“Harbour”), and three offshore oil and gas service providers, Tidewater, Valaris and Subsea7.”
Tidewater - HoldsBlack Bear VPSeptember 2025
“Tidewater (TDW) Tidewater is a marine services firm that operates one of the worlds largest fleets of offshore support vessels (OSV’s).”
Tidewater
Fund coverage · 7 theses
- Black Bear Value FundSeptember 2026
Tidewater benefits from a constrained offshore vessel fleet and long-term offshore energy demand that support higher utilization and cash flow.
Read the full thesis - Third Avenue Value FundJune 2026
Tidewater Inc. benefits from long-life offshore energy assets and strengthening energy-security tailwinds supporting offshore services demand.
Read the full thesis - Black Bear Value Fund, LPJune 2026
Tidewater is the largest offshore support vessel operator, benefiting from constrained vessel supply and recovering offshore energy demand that could drive higher utilization and cash flow.
Read the full thesis - Third Avenue Value FundMarch 2026
Tidewater is a deepwater offshore service vessel operator with financial flexibility, an attractive Brazil expansion, and long-term upside from a structural recovery in offshore energy activity.
Read the full thesis - Black Bear Value FundMarch 2026
Tidewater is an offshore support vessel operator with scarce fleet supply, improving utilization, and strong long-term pricing and cash flow potential.
Read the full thesis - Black Bear Value PartnersDecember 2025
Tidewater Inc. operates a major OSV fleet positioned to benefit from supply constraints, recovering offshore activity, strong free cash flow, and new buybacks.
Read the full thesis - Black BearSeptember 2025
Tidewater is a marine services firm with a strong long-term outlook in the offshore support vessel market, benefiting from high free cash flow, minimal debt, and a new buyback plan amid a shrinking global fleet.
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