Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 857

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 5
Chunk 857
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 Value  
     
 Marine operating supplies  $1,891 
 Net properties and equipment   601,000 
 Total assets   602,891 

 Other current liabilities (A)   8,600 
 Other liabilities (A)   1,400 
 Total liabilities   10,000 
     
 Net assets acquired  $592,891 
     
 Costs and expenses     
 Vessel operating costs (B)   1,300 
     
 Purchase consideration  $594,191 

    (A)  Current and long-term liabilities related to certain existing charter contracts accompanying the acquired Solstad Vessels that are below current market rates. These liabilities will be ratably amortized into revenue over the life of the related contracts. 
 (B)  The working capital adjustment included $1.3 million for lubricants which are expensed by Tidewater. 

       84

   Acquisition of Swire Pacific Offshore Holdings Ltd.
    
   On  April 22, 2022 (Closing Date), we acquired Swire Pacific Offshore Holdings Ltd., a limited company organized under the laws of Bermuda (SPO), which owns 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East. On the Closing Date, we paid $42.0 million in cash and issued 8,100,000 warrants, each of which was exercisable at $0.001 per share for one share of our common stock (SPO Acquisition Warrants). In addition, we paid $19.6 million at closing and received an $8.8 million post-closing working capital refund related to pre-closing working capital adjustments, for a total consideration of $215.5 million. Our consolidated statements of operations from the Closing Date through  December 31, 2022, include SPO revenues and net earnings of $149.7 million and $14.8 million, respectively.
    
   Assets acquired and liabilities assumed in the business combination were recorded at their estimated fair values as of the Closing Date under the acquisition method of accounting. The final fair value estimates below were subject to adjustment during the measurement period subsequent to the Closing Date, primarily consisting of the final valuation for various working capital items, tax and other liabilities existing on the Closing Date. During the third quarter of 2022, we agreed to a final working capital adjustment and received an $8.8 million refund which was