Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 749

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 4
Chunk 749
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 of offshore support vessels. We recorded property and equipment acquired at an estimated fair value of approximately $174.4 million. The fair values of the offshore support vessels were estimated by applying both an income approach, using projected discounted cash flows, and a replacement cost approach. Assumptions utilized in the valuation included expected day rates, utilization, discount rate, tax rate, economic obsolescence factors, operating costs, useful lives, and cost saving synergies from the operation of the Company and Swire as a single fleet. We estimate that the remaining useful lives for the vessels acquired fall in the range of one to 16 years, based on an original estimated useful life of 20 years. No goodwill was recognized in connection with this business combination.
    
   The unaudited supplemental pro forma results present consolidated information as if the business combination were completed on  January 1, 2021. The pro forma results include, among others, (i) a reduction in depreciation expense for adjustments to property and equipment and (ii) the reversal of any income or expense related to assets retained by the seller and SPO’s former parent, Banyan Overseas Limited, a limited company organized under the laws of Bermuda (Banyan). The pro forma results do not include any potential synergies or non-recurring charges that  may result directly from the business combination.

     (In Thousands)     
     
   Year ended  
   December 31, 2022  
     
 Revenues  $714,783 
     
 Net loss   (22,899)

   Sonatide (Angola)
    
   Prior to 2022, we participated in a joint venture in Angola (Sonatide) where we owned 49% of the joint venture and our partner Sonangol Holdings, LDA (Sonangol) owned 51%. In  January 2022, we acquired the 51% equity interest in Sonatide owned by Sonangol, pursuant to a Sale and Purchase Agreement between Sonangol and us for $11.2 million in cash. This acquisition gave us complete control of our operations in Angola.
    
   The acquisition date was  January 3, 2022 (Sonatide Closing Date). However, we used a convenience date of  January 1, 2022 for the acquisition and recorded activity from the beginning of the year. Revenues and net losses of Sonatide from