Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 662

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 662
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 December 31, 2024 is as follows.

     Lease term and discount rate   December 31, 2024  
 Weighted average remaining lease term in years   2.0 
 Weighted average discount rate   7.69%

   The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the years ended  December 31, 2024, 2023 and 2022 was $3.5 million, $3.8 million and $2.4 million, respectively. Right of use assets obtained in exchange for operating lease obligations were $6.7 million, $3.1 million and $5.0 million, for the years ended  December 31, 2024, 2023 and 2022, respectively.

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   (8)ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIRMENTS

   In 2019, we implemented a plan, amended in 2020, (the 2019/2020 plan) to sell or recycle certain of our vessels based on a strategic decision to remove assets that were not part of our long-term plans. During 2022, we sold or recycled 12 vessels that were classified as held for sale, added three vessels to held for sale under 2019/2020 plan, moved one vessel back into our active fleet and had eight vessels remaining in the held for sale account as of  December 31, 2022. During 2023, we sold or recycled a total of eight of the vessels that were classified as held for sale. We completed the 2019/2020 plan and have no vessels remaining in the held for sale account as of  December 31, 2024 and 2023.
    
   We also sold six and seven vessels from our active fleet in 2024 and 2023, respectively. We realized proceeds from sales or recycling of vessels and other assets for the years ended  December 31, 2024, 2023 and 2022 of $19.3 million, $15.5 million and $13.6 million, respectively. 
    
   See the following tables for additions and dispositions related to assets held for sale as well as net gains (losses) on sales of vessels.
    
   Following is the activity in assets held for sale