Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 33

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 are named defendants or parties in certain lawsuits, claims or proceedings incidental to our business and involved from time to time as parties to governmental investigations or proceedings arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows.

       (10) 
       FAIR VALUE MEASUREMENTS 

   Other Financial Instruments
    
   Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio. In the second quarter of 2022, we agreed with PEMEX, the Mexican national oil company, to exchange $8.6 million in accounts receivable for an equal face amount of seven-year 8.75% PEMEX corporate bonds (PEMEX Note). We sold $0.6 million of the PEMEX Notes during the first quarter of 2025 and $8.0 million of the PEMEX Notes during 2024 for their approximate book value. The PEMEX Notes are classified as “available for sale.” As of  March 31, 2025, the PEMEX Notes were valued at $0.1 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value (Level 2).

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       (11) 
       PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES 

   As of  March 31, 2025, our property and equipment consisted primarily of 214 owned vessels located around the world. As of  December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. We have one crew boat under construction for which we have made down payments totaling approximately EUR0.4 million ($0.4 million) in prior years and will incur debt with the shipyard totaling approximately EUR1.6 million ($1.7 million) upon delivery. These crew boats are employed under term contracts in our African market.