Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 419

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 419
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 remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life  may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of operations. 
    
   Maintenance and Repairs 
    
   Most of our vessels require certification inspections twice in every five-year period. These costs include drydocking and survey costs necessary to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies. These certification costs are typically incurred while the vessel is in drydock and  may be incurred concurrent with other vessel maintenance and improvement activities. Costs related to the certification of vessels are deferred and amortized over 30 months on a straight-line basis.
    
   Maintenance costs incurred at the time of the recertification drydocking that are not related to the certification of the vessel are expensed as incurred.
    
   Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are not being performed for a specific customer contract are capitalized and amortized over the remaining life of the equipment.
    
   Net Properties and Equipment 
    
   The following are summaries of net properties and equipment:

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Properties and equipment:         
 Vessels and related equipment  $1,727,197  $1,716,339 
 Other properties and equipment   28,969   32,447 
   1,756,166   1,748,786 
 Less accumulated depreciation and amortization   571,884   433,664 
 Net properties and equipment  $1,184,282  $1,315,122 

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   As of  December 31, 2024, we owned 211 offshore support vessels, 210 of which were active and one of which was stacked. As of  December 31, 2023, we owned 217 offshore support vessels, 215 of which were active and two of which were stacked. We consider a vessel to be stacked if the vessel crew is disembarked and