Full-year 2025 revenue reached $1,352.8 million, marking a 0.5% increase compared to full-year 2024. The average day rate for full-year 2025 was $22,573 per day, a 6.1% increase over full-year 2024. Net income for full-year 2025 was $333.5 million, significantly up from $180.7 million in 2024, favorably impacted by a $201.5 million non-cash deferred tax benefit primarily due to vessel realignment. Adjusted EBITDA for full-year 2025 grew by approximately 7% to $598.1 million. Net cash provided by operating activities for full-year 2025 was $379.1 million, with free cash flow at $426.0 million, substantially exceeding 2024's free cash flow. The company reduced its share count by 2.5 million shares during 2025 through repurchases totaling $98.2 million at an average price of $39.52. Fourth quarter 2025 revenue was $336.8 million, a 2.4% decline compared to the fourth quarter of 2024. The average day rate for Q4 2025 was $22,044 per day, a 0.9% decline compared to Q4 2024. Net income for Q4 2025 was $219.4 million, including the $201.5 million deferred tax benefit and a $2.1 million foreign exchange gain. Adjusted EBITDA for Q4 2025 was $143.1 million, and free cash flow was $151.2 million. Tidewater updated its 2026 revenue guidance to $1.43 billion to $1.48 billion and 2026 gross margin guidance to 49% to 51%, pro forma for the previously announced Wilson Sons Ultratug acquisition. The company has an outstanding share repurchase program authorization of $500 million.