Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 247

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 247
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 of SPO 
       
      $
      —

      $
      —

      $
      162,648

       Purchase of four vessels 
       
      $
      —

      $
      14,265

      $
      —

       Supplemental disclosure of noncash financing activities: 

       Warrants issued for SPO acquisition 
       
      $
      —

      $
      —

      $
      162,648

       Repurchase of SPO Acquisition Warrants 
       
      $
      —

      $
      —

      $
      1,365

       Debt incurred for the purchase of four vessels 
       
      $
      —

      $
      15,235

      $
      —

Cash, cash equivalents and restricted cash at December 31, 2024 and 2023 includes $2.1 million and $2.3 million, respectively, in long-term restricted cash.

See accompanying Notes to Consolidated Financial Statements.

      75

    (1)  NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  

   Nature of Operations 
    
   We provide offshore support vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we charge for these services (day rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction and support. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas (oil and gas) prices, which fluctuate depending on the respective levels of supply and demand for oil and gas and the outlook for such levels.
    
   In 2023, we acquired 37 platform supply vessels owned by Solstad Offshore ASA, a Norwegian public limited company, operating primarily in the North Sea, Australia and Brazil.
    
   In 2022, we acquired Swire Pacific Offshore Holdings Ltd., a limited company organized under the laws of Bermuda (SPO), which owned 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East.
    
   Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc.