Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 99

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 99
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     )%

      Income before income taxes 

     229,488

     138,929

     90,559

     65
     %

      Income tax expense 

     50,216

     43,308

     (6,908
     )

     (16
     )%

      Net income 
      
     $
     179,272

     $
     95,621

     $
     83,651

     87
     %

      Select operating statistics: 

      Utilization 

     79.0
     %

     79.1
     %

     (0.1
     )%

      Active utilization 

     79.2
     %

     81.2
     %

     (2.0
     )%

      Average vessel day rates 
      
     $
     21,273

     $
     16,802

     $
     4,471

     26.6
     %

      Vessel operating cost per active day 
      
     $
     8,760

     $
     7,615

     $
     (1,145
     )

     (15.0
     )%

      Average total vessels 

     217

     205

     12

      Average stacked vessels 

     (1
     )

     (5
     )

     4

      Average active vessels 

     216

     200

     16

Revenue:

      o 
      Revenue benefitted from higher average day rates and the full year effect of the Solstad Acquisition, which added 37 vessels to our fleet on July 5, 2023. 

     o
     The Solstad vessels added $269.3 million to revenue in 2024 and $115.1 million in 2023, contributing $154.2 million to the revenue variance.

     o
     Slight decrease in active utilization due to higher idle time between contracts and increased drydock days.

Vessel operating costs:

      o 
      Increase primarily due to the additional active vessels in our fleet from the Solstad Acquisition, coupled with higher overall crew costs and higher repair costs associated with slightly higher repair days. In addition, there was higher other operating costs associated with increased brokerage commissions due to higher revenues; higher contract fines and penalties due to extended delayed drydocks; higher training costs; and increased amortization of mobilization costs. 

General and administrative:

      o