Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 58

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 58
---
 —

Revenue:

      ● 
      Increase primarily driven by higher day rates and higher utilization. 

     ●
     Average day rates increases are largely due to seasonality.

      ● 
      Active utilization increased due to lower idle and drydock days, as we schedule our drydock activities in the first quarter to take advantage of seasonality. We also experienced lower repair days in the second quarter. 

Vessel operating costs:

      ● 
      Increase primarily due to higher crew costs associated with the impact of foreign exchange related to payment of wages in British Pound and the Norwegian Kroner. We also incurred higher other costs resulting from unplanned items incidental to vessels being down for repair. 

General and administrative expense:

      ● 
     Decrease primarily due to lower professional fees.

Depreciation and amortization expense:

      ● 
      Decrease primarily due to a vessel which was fully depreciated in the first quarter. 

       34

West Africa Segment Operations. 

      (In Thousands except for statistics) 
      
      Three Months Ended 

      June 30, 2025 

      March 31, 2025 

      Change 

      % Change 

      Total revenue 
      
     $
     82,909

     $
     106,112

     $
     (23,203
     )

     (22
     )%

      Costs and expenses: 

      Vessel operating costs: 

      Crew costs 

     18,662

     18,951

     289

     2
     %

      Repair and maintenance 

     5,745

     4,607

     (1,138
     )

     (25
     )%

      Insurance 

     353

     762

     409

     54
     %

      Fuel, lube and supplies 

     5,700

     4,808

     (892
     )

     (19
     )%

      Other 

     8,064

     6,927

     (1,137
     )

     (16
     )%

      Total vessel operating costs 

     38,524

     36,055

     (2,469
     )

     (7
     )%

      General and administrative 

     2,888

     2,546

     (342
     )

     (13
     )%

      Depreciation and amortization 

     15,480