Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 220

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 220
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     )

     (54
     )%

      General and administrative expense 

     8,147

     12,299

     4,152

     34
     %

      Depreciation and amortization 

     10,669

     5,960

     (4,709
     )

     (79
     )%

      Vessel operating profit 
      
     $
     38,471

     $
     3,726

     $
     34,745

     933
     %

      Select operating statistics: 

      Utilization 

     82.3
     %

     76.0
     %

     6.3
     %

      Active utilization 

     83.0
     %

     81.6
     %

     1.4
     %

      Average vessel day rates 
      
     $
     24,968

     $
     16,084

     $
     8,884

     55.2
     %

      Vessel operating cost per active day 
      
     $
     11,057

     $
     8,582

     $
     (2,475
     )

     (28.8
     )%

      Average total vessels 

     16

     14

     2

      Average stacked vessels 

     —

     (1
     )

     1

      Average active vessels 

     16

     13

     3

Vessel revenue:

      o 
     Primary drivers for the revenue increase include the increase in average day rates resulting from increased demand and the full year and six months effects of the SPO Acquisition and Solstad Acquisition, respectively.

     o
     SPO Acquisition added 13 vessels for the full year in 2023 and contributed $45.7 to the revenue increase.

     o
     Solstad Acquisition added four vessels during the last six months of 2023 and contributed $14.6 million to the revenue increase.

     o
     Active utilization increased due to vessel demand.

Vessel operating costs:

      o 
     Increase primarily due to the additional active vessels and operating in a higher cost market.

General and administrative expense:

      o 
      Decrease primarily due to lower acquisition related costs and lower personnel costs from synergies realized in the SPO Acquisition. 

Depreciation and amortization expense:

      o 
      Increase primarily due to additional vessels and higher dry