Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 435

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 435
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 straight-line basis over the term of such vessel’s charter. At  December 31, 2024, we had $1.1 million and $0.6 million of deferred mobilization costs included with prepaid expenses and other current assets and other assets, respectively, and we have $9.4 million and $2.1 million of deferred mobilization revenue related to unsatisfied performance obligations included within other current liabilities and other liabilities, which will be recognized during the next three years. At  December 31, 2023, we had $5.4 million and $2.9 million of deferred mobilization costs included with prepaid expenses and other current assets and other assets, respectively, and we have $5.0 million and $1.8 million of deferred mobilization revenue related to unsatisfied performance obligations included within other current liabilities and other liabilities all of which will be recognized during the next three years.
    
   During the year ended  December 31, 2024, the amount of revenue recognized that was included in deferred mobilization revenue at the beginning of the period was $3.8 million. The amount of revenue recognized in prior years was immaterial.

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   (4)     DEBT
    
   The following table summarizes debt outstanding based on stated maturities:

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Senior bonds:         
 Senior Secured Term Loan  $212,500  $312,500 
 10.375% Senior Unsecured Notes due July 2028   250,000   250,000 
 8.50% Senior Secured Bonds due November 2026   175,000   175,000 
 Vessel Facility Agreements   10,387   14,151 
   647,887   751,651 
 Debt discount and issuance costs   (10,791)  (17,213)
 Less: Current portion of long-term debt   (65,386)  (103,077)
 Total long-term debt  $571,710  $631,361 

   Senior Secured Term Loan
    
   Tidewater entered into a Credit Agreement, by and among Tidewater, as parent guarantor, TDW International Vessels (Unrestricted), LLC, a