Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 384

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 384
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 12,726

     10,063

     (2,663
     )

     (26
     )%

      Depreciation and amortization 

     92,331

     63,152

     (29,179
     )

     (46
     )%

      Vessel operating profit 
      
     $
     53,873

     $
     33,687

     $
     20,186

     60
     %

      Select operating statistics: 

      Utilization 

     85.5
     %

     87.4
     %

     (1.9
     )%

      Active utilization 

     85.5
     %

     87.4
     %

     (1.9
     )%

      Average vessel day rates 
      
     $
     20,855

     $
     18,514

     $
     2,341

     12.6
     %

      Vessel operating cost per active day 
      
     $
     9,411

     $
     8,758

     $
     (653
     )

     (7.5
     )%

      Average total vessels 

     51

     38

     13

      Average stacked vessels 

     —

     —

     —

      Average active vessels 

     51

     13

Vessel revenue:

      o 
      Primary drivers for the revenue increase include increase in average day rates and an increase in active vessels in the area resulting primarily from the Solstad Acquisition. 

     o
     Solstad Acquisition added 26 vessels in 2024 and 24 vessels during the last six months of 2023 and contributed $86.4 million to the revenue variance.

     o
     Active utilization decreased due to higher drydock days and increased idle time between contracts.

     o
     Active vessels increased primarily due to the Solstad vessel acquisition.

Vessel operating costs:

      o 
      Increase primarily due to the additional vessels in the segment. 

     o
     Solstad Vessels added $86.7 million and $37.8 million to operating costs in 2024 and 2023, respectively.

General and administrative expense:

      o 
      Increase primarily due to higher personnel costs as a result of the addition of onshore personnel from the Solstad Acquisition. 

Depreciation and amortization expense:

      o 
      Increase primarily due to the significant