Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 219

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 219
---
 (25.6
     )%

      Average total vessels 

     36

     34

     2

      Average stacked vessels 

     (1
     )

     (4
     )

     3

      Average active vessels 

     35

     30

     5

Vessel revenue:

      o 
     Primary driver for revenue increase was the increase in average day rates, however, active utilization and additional vessels increased revenue as well.

     o
     SPO Acquisition added two vessels for the full year in 2023 and contributed $15.4 million to revenue increase.

     o
     Solstad Acquisition added six vessels during the last six months in 2023 and contributed $27.1 million to revenue increase.

     o
     Active vessels increased primarily due to increased demand and the SPO and Solstad vessel acquisitions.

Vessel operating costs:

      o 
      Increase primarily due to the additional five active vessels. 

General and administrative expense:

      o 
      Increase primarily due to bad debt expense in 2023 and increased professional fees. 

Depreciation and amortization expense:

      o 
      Increase primarily due to additional vessels and higher drydock activity. 

      54

Asia Pacific Segment Operations.

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Vessel revenues 
      
     $
     122,235

     $
     64,231

     $
     58,004

     90
     %

      Vessel operating costs: 

      Crew costs 

     41,940

     29,433

     (12,507
     )

     (42
     )%

      Repair and maintenance 

     9,212

     3,077

     (6,135
     )

     (199
     )%

      Insurance 

     794

     516

     (278
     )

     (54
     )%

      Fuel, lube and supplies 

     5,251

     4,139

     (1,112
     )

     (27
     )%

      Other 

     7,751

     5,081

     (2,670
     )

     (53
     )%

      Total vessel operating costs 

     64,948

     42,246

     (22,702