Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 217

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 217
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 active vessels 

     200

     166

     34

Revenue:

      o 
      Revenue benefitted from the full year effect of the SPO Acquisition which added 50 vessels to our fleet on April 22, 2022, and the Solstad Acquisition, which added 37 vessels to our fleet on July 5, 2023. 

     o
     The SPO vessels added $276.8 million to revenue in 2023, compared to approximately $150.0 million in 2022.

     o
     The Solstad vessels added $115.1 million to revenue in 2023.

     o
     Revenue benefitted from significantly higher day rates in 2023 and the additional capacity from the SPO Acquisition and Solstad Acquisition.

     o
     Slight decrease in active utilization in 2023, primarily due to a heavy drydock schedule and the mobilization of vessels between segments.

Vessel operating costs:

      o 
      Increase primarily due to the additional active vessels in our fleet from the SPO Acquisition and Solstad Acquisition, and higher mobilization costs as we moved several vessels between segments. 

      52

General and administrative:

      o 
      Decrease primarily due to lower acquisition related transaction costs, offset partially by higher personnel costs related to the Solstad Acquisition and the full year impact of the SPO Acquisition. 

Depreciation and amortization:

      o 
      Increase primarily due to the depreciation of additional vessels acquired in the SPO Acquisition and Solstad Acquisition and the amortization of a higher level of drydock costs associated with an increased number of vessels. 

Gain on asset dispositions, net:

      o 
      During 2023, we sold or recycled 15 vessels and other assets, while during 2022, we sold or recycled 14 vessels and other assets. The increase reflects the mix of sales prices and remaining net book value of the individual assets sold. 

Long-lived asset impairment and other expense:

      o 
      Decrease due to recording in 2022: 

      -  a $0.5 million reversal of previously recorded impairment charges for assets held for sale that were reclassified back to the active fleet; and 

      -  $1.2 million in impairment for certain obsolete marine service parts and supplies inventory.

Interest expense:

      o 
      Increase primarily due to the addition of $575