Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 42

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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     )

     (1.3
     )%

      Average total vessels 

     217

     216

     1

      Average stacked vessels 

     (7
     )

     —

     (7
     )

      Average active vessels 

     210

     216

     (6
     )

Revenue:

     ●
      Decrease primarily due to fewer active vessels in the first quarter of 2025 compared to the fourth quarter of 2024. 

      ● 
      We took delivery of five new crew boats during the first quarter of 2025 and stacked some older crew boats. We also sold two older vessels. These actions contributed to the increase in active utilization. 

Vessel operating costs:

      ● 
      Decrease primarily due to lower crew costs and lower repairs and maintenance. These cost reductions were partially offset by higher other operating costs primarily related to an accrual for a personnel legal claim. 

General and administrative:

      ● 
      Decrease primarily due to lower professional fees in the first quarter of 2025 compared to the fourth quarter of 2024. 

       27

Depreciation and amortization:

      ● 
      Increase primarily due to higher amortization of drydock costs. 

Gain on asset dispositions, net:

      ● 
     During the first quarter of 2025, we sold two vessels for approximately $3.8 million in proceeds and recognized a net gain of $2.5 million on the dispositions. During the fourth quarter of 2024, we sold two vessels for approximately $4.4 million in proceeds and recognized a net gain of $2.7 million on the dispositions.

Interest expense:

      ● 
     Decrease due to lower debt levels as we made principal payments of $12.5 million in the first quarter of 2025 which follows a $14.0 million payment in the fourth quarter of 2024. These principal payments were partially offset by $9.7 million in new debt related to the five crew boats delivered in the first quarter of 2025.

Interest income and other, net:

      ● 
     Increase primarily due to a Brazil legal case recovery which included an interest component.

Foreign exchange gains (losses):

      ● 
      Our foreign exchange gains in the first quarter of 2025 and losses in the fourth quarter of 2024, were primarily the result of the settlement and revaluation of various foreign currency balances due to