This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Tidewater Inc. is the world's largest provider of offshore service vessels to the global energy industry. Its core business is supplying the specialized marine transportation and support services required for offshore oil and gas exploration, development, and production. The company operates a fleet of over 200 vessels that perform essential functions for offshore fossil fuel operators, including towing drilling rigs, transporting supplies and personnel, and providing standby rescue and oil recovery support.
While the company's sustainability materials reference an adaptation to the energy transition and the provision of services to offshore renewable energy systems, its current operations and nearly all of its revenue are derived from supporting offshore fossil fuel infrastructure. The company's reported revenue of $1.35 billion for the twelve months ended December 31, 2025, is generated almost entirely from this oilfield services segment. Tidewater's business model is intrinsically linked to the ongoing operation and expansion of offshore oil and gas projects worldwide.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.