Key Points
Sagil Capital sold 201,763 shares of Tidewater in the fourth quarter; the estimated trade value was $10.76 million.
The transaction represents a 2.45% change relative to Sagil Capital LLP’s 13F reportable assets under management.
Post-trade, Sagil Capital LLP holds zero shares and no reportable value in Tidewater.
Sagil Capital fully exited its position in Tidewater(NYSE:TDW), selling 201,763 shares in the fourth quarter for an estimated $10.76 million, according to a February 12 SEC filing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 12, Sagil Capital LLP exited its entire Tidewater holding during the fourth quarter by selling 201,763 shares. The quarter-end value of the position fell by $10.76 million, a figure that reflects both the share sale and underlying price changes.
What else to know
Top holdings after the filing:
- NYSE:B: $20.90 million (13.1% of AUM)
- NYSE:PBR.A: $20.29 million (12.7% of AUM)
- NYSE:TNK: $19.96 million (12.5% of AUM)
- NYSE:TEN: $19.31 million (12.1% of AUM)
- NYSE:CMBT: $13.48 million (8.4% of AUM)
As of February 11, shares of Tidewater were priced at $71.16, up 29.6% over the prior 12 months and well outperforming the S&P 500’s roughly 14% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 11, 2026) | $71.16 |
| Market capitalization | $3.53 billion |
| Revenue (TTM) | $1.36 billion |
| Net income (TTM) | $151.68 million |
Company snapshot
- Tidewater provides offshore marine support and transportation services, including platform supply vessels, anchor handling tug supply vessels, crew boats, and offshore tugs for the energy sector.
- The company generates revenue by operating and chartering a global fleet of marine service vessels supporting offshore oil, gas, and windfarm projects, with income streams from vessel deployment, specialized marine logistics, and support contracts.
- It serves oil and gas exploration and production companies, drilling contractors, offshore construction and windfarm developers, and government-controlled organizations worldwide.
Tidewater Inc. is a leading provider of marine support services to the global offshore energy industry, operating a diversified fleet and delivering critical logistics and transportation solutions. The company's scale and specialized expertise enable it to support complex offshore projects, including oil, gas, and renewable energy developments. Tidewater's broad customer base and global reach position it as a key partner for energy operators seeking reliable, efficient marine services.
What this transaction means for investors
Tidewater’s latest quarter was solid. Revenue reached $341.1 million in the third quarter, essentially flat year over year, while adjusted EBITDA came in at $137.9 million. For the first nine months, net income attributable to shareholders was $114.8 million, and management tightened full-year revenue guidance to $1.33 billion to $1.35 billion while introducing a $1.32 billion to $1.37 billion range for next year, plus a remaining $500 million share repurchase authorization.
So why exit?
After a 29.6% run over the past year, gains may already be priced in. The fund’s remaining top holdings lean heavily into energy and shipping names such as Petrobras, Teekay Tankers, and others, suggesting this sale trims exposure rather than signals a broad macro call.
For long-term investors, the real question is durability. Tidewater’s vessel utilization sits near 76% fleetwide, and day rates average $22,798. If offshore drilling strengthens into 2026, cash generation could remain resilient. But in capital-intensive industries, discipline on entry and exit often matters as much as conviction.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
