Capital AllocationTidewater has flagged that acquisition remains a capital allocation priority, but they do not have the balance sheet to lob an all-cash offer.
Free Cash FlowBeyond the next few years, it becomes difficult to gauge the free cash flow yield due to the cyclical nature of the business.
Market CompetitionThe relatively larger market of OSVs compared to drill ships makes it more likely players will act and order new builds, clouding visibility.