Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 38

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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owned vessels located around the world. As of  December 31, 2024, our property and equipment consisted primarily of 211 owned vessels. During the nine months ending  September 30, 2025, we sold 10 vessels and other assets for approximately $12.3 million in proceeds and recognized a net gain of $8.6 million on the dispositions. During the nine months ending  September 30, 2024, we sold four vessels and other assets for approximately $14.9 million in proceeds and recognized a net $13.1 million gain on the dispositions.
    
   During the three months ending  September 30, 2025, we exercised our purchase option under a bareboat charter agreement to acquire a vessel for $4.9 million. Additionally, we gave notice of our intent to acquire another vessel currently under a bareboat charter agreement. As a result, we classified the bareboat charter agreement as a finance lease valued at $19.9 million. The right of use asset is included in Other assets and the finance lease liability is included in Other current liabilities in our Condensed Consolidated Balance Sheet as at  September 30, 2025.
    
   A summary of properties and equipment is as follows:

     (In Thousands)         
   September 30, 2025    December 31, 2024  
 Properties and equipment:         
 Vessels and related equipment  $1,748,463  $1,727,197 
 Other properties and equipment   34,356   28,969 
   1,782,819   1,756,166 
 Less accumulated depreciation and amortization   678,316   571,884 
 Properties and equipment, net  $1,104,503  $1,184,282 

   A summary of accrued expenses is as follows:

     (In Thousands)         
   September 30, 2025    December 31, 2024  
 Payroll and related payables  $42,558  $43,256 
 Accrued vessel expenses   50,334   42,762 
 Accrued interest expense   14,216   16,727 
 Other accrued expenses   23,771   27,149 
  $130,879