Tidewater Inc. (TDW) experienced a pre-market plunge of 5.95% following the release of its first-quarter financial results that fell sharply short of analyst expectations.

The offshore vessel operator reported Q1 earnings per share of $0.12, missing the FactSet consensus estimate of $0.67-$0.68 by a substantial margin. The dramatic earnings miss was attributed to higher-than-anticipated operating costs in the Middle East due to conflict-related insurance and crew expenses, as well as a $3.4 million foreign exchange loss that significantly impacted net income and EBITDA.

Net income attributable to shareholders plummeted 97% compared to the prior quarter, while revenue declined 3% year-over-year to $326.22 million. Despite the disappointing quarterly results, Tidewater reiterated its full-year 2026 revenue guidance of $1.43 billion to $1.48 billion, which aligns with analyst expectations.