Company: TDDWW
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001104659-25-038699
Chunk: 34

Company: TIDEWATER INC
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 34
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 Executive Vice President, General Counsel and Corporate Secretary | ​ | ​ | ​ | Piers D. Middleton                                    
 Executive Vice President and Chief Commercial Officer | ​ |

In this CD&A section, we first provide an Executive Summary of Tidewater’s business and performance during the fiscal year and how that performance affected executive compensation decisions and payouts. We next explain the Compensation Philosophy and Objectives that guide our C&HC Committee’s executive compensation decisions. We then describe the C&HC Committee’s Process of Setting Compensation . Finally, we discuss in detail each of the Compensation Components , including, for each component, a design overview as well as the actual results yielded for each named executive in fiscal 2024. Executive Summary of 2024 Company Performance We are one of the most experienced international operators in the offshore energy industry with a history spanning over 65 years. As of December 31, 2024, we owned 211 vessels serving the global offshore energy industry. Our vessels and associated vessel services provide support for all phases of offshore oil and gas exploration, field development and production as well as windfarm development and maintenance. We have one of the broadest global operating footprints in the offshore vessel industry, which allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of our customers. In 2024, the pace and intensity of offshore activity continued to increase, demanding strong leadership focused on executing our strategy, ensuring operational excellence and protecting our workforce, environment and communities. The foregoing led to a successful 2024 across numerous metrics, including our financial performance, operational performance and safety performance.

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TABLE OF CONTENTS

(1) For a reconciliation to the most comparable GAAP financial measure of Adjusted EBITDA and Free Cash Flow, see Appendix A. (2) TRCF, or Total Recordable Case Frequency, is a metric used to measure the number of recordable injuries per million working hours and viewed as a key indicator of a company’s safety performance, helping track trends and identify areas for improvement. (3) LTIF, or Lost Time Injury Frequency Rate, is a key safety metric used to measure the frequency of lost time injuries (LTIs) in a workplace, specifically, the number of LTIs per 1 million hours worked. A lower LTIFR indicates a safer workplace.

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 Achieved Significant Financial Improvements.Our year-over-year financial performance for fiscal 2024 resulted in: a 33.3%