Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 54

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 were partially offset by higher repair costs resulting from increased repair days and higher other operating costs primarily related to an accrual for a legal claim. 

General and administrative:

      ● 
      Increase primarily due to higher personnel costs, higher stock compensation and charges associated with a transition and separation agreement. We also incurred higher professional fees in 2025 compared to 2024. In 2024, we had a significant recovery of bad debt expense that did not recur in 2025. 

       36

Depreciation and amortization:

      ● 
      Increase primarily due to higher amortization of drydock costs. 

Gain on asset dispositions, net:

      ● 
     During the first nine months of 2025, we sold ten vessels for approximately $12.3 million in proceeds and recognized a net gain of $8.6 million on the dispositions. During the first nine months of 2024, we sold four vessels for approximately $14.9 million in proceeds and recognized a net gain of $13.1 million on the dispositions.

Interest income and other, net:

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

Loss on early extinguishment of debt:

      ● 
     Increase primarily due to the early redemption premiums incurred in conjunction with the redemption of the 10.375% Senior Unsecured Notes due July 2028 and the 8.5% Senior Secured Notes due 2026.

Interest expense:

      ● 
     Decrease due to lower debt levels as we made principal payments of $26.5 million in the first six months of 2025 which followed payments of $76.5 million in the third and fourth quarters of 2024. These principal payments were partially offset by $11.5 million in new debt related to the six crew boats delivered in 2025. In addition, in July 2025, we issued $650.0 million of 9.125% Senior Notes due 2030, and refinanced all of our long-term debt, except for the vessel facility debt. The new Senior Notes interest cost is not materially different than the interest cost associated with the previous debt on a monthly basis.

Foreign exchange gains (losses):

      ● 
      Our foreign exchange gains in 2025 and losses in 2024, were primarily the result of the settlement and revaluation of various foreign currency balances due to a weakening/strengthen