Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 212

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 212
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 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 
      Increase primarily due to higher salaries and benefits due to additions in corporate and segment personnel and higher professional fees. This increase was partially offset by lower bad debt and transaction costs. 

      45

Depreciation and amortization:

      o 
      Increase primarily due to depreciation and amortization of drydock costs related to the additional vessels acquired in the Solstad Acquisition. 

Gain on asset dispositions, net:

      o 
      During 2024, we sold or recycled six vessels and other assets. During 2023, we sold or recycled 15 vessels and other assets. We recognized significantly higher gains per vessel sold in 2024 due to a more favorable market for vessel sales. 

Interest expense:

      o 
      Increase primarily due to the addition of $575.0 million in long term debt, bearing interest of approximately 10.0%, to fund the Solstad vessel acquisition effective July 5, 2023. 

Interest income and other, net:

     o