Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 53

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 repair costs were related to several high-cost repairs in the third quarter. These increases were partially offset by lower other operating costs primarily related to insurance claims and the cost of a relief vessel in the second quarter. 

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General and administrative:

      ● 
      Increase primarily due to higher professional fees. 

Depreciation and amortization:

      ● 
      Increase primarily due to higher drydock activity. 

Gain on asset dispositions, net:

      ● 
     During the third quarter of 2025, we sold four vessels for approximately $1.2 million in proceeds and recognized a net gain of $0.6 million on the dispositions. During the second quarter of 2025, we sold four vessels for approximately $7.3 million in proceeds and recognized a net gain of $5.5 million on the dispositions.

Interest income and other, net:

      ● 
     No significant variances.

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:

      ● 
     No significant variances.

Foreign exchange gains (losses):

      ● 
      Our foreign exchange gains in the third and second quarters of 2025 were primarily the result of the settlement and revaluation of various foreign currency balances due to the weakening of the U.S. Dollar, largely in the second quarter, against the Central and West African Franc, Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro. 

Income tax expense:

      ● 
      We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. Our tax expense for the three months ended September 30, 2025 includes the impact from Pillar Two and taxes on our operations in foreign countries. The increase in income taxes for the three months ended September 30, 2025, compared to the three months ended June 30, 2025, was primarily driven by the full release of the valuation allowance in the U.S. on net operating losses in the three months ended June 30, 2025. 

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Segment results for three months ended September 30, 2025 compared to