Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1144

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 6
Chunk 1144
---
 67

     67

     —

Vessel revenue:

      o 
      Primary driver for the revenue increase is the increase in average day rates. 

     o
     Solstad Acquisition added three vessels in 2024 and 2023, respectively, and contributed $29.3 million to the revenue increase.

     o
     Active utilization decreased due to higher idle time between contracts.

Vessel operating costs:

      o 
      Increase primarily due to higher crew wages and a nonrecurring customs duty settlement in the second quarter of 2024. 

     o
     Solstad Vessels added $8.7 million and $4.4 million to operating costs for 2024 and 2023, respectively.

General and administrative expense:

      o 
      No significant variances. 

Depreciation and amortization expense:

      o 
      Increase primarily due to significantly increased drydock activity and higher depreciation. 

      51

Years Ended December 31, 2023 and 2022

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Total revenue 
      
     $
     1,009,985

     $
     647,684

     $
     362,301

     56
     %

      Costs and expenses: 

      Vessel operating costs: 

      Crew costs 

     329,473

     242,364

     (87,109
     )

     (36
     )%

      Repair and maintenance 

     78,716

     51,256

     (27,460
     )

     (54
     )%

      Insurance 

     9,297

     6,765

     (2,532
     )

     (37
     )%

      Fuel, lube and supplies 

     60,548

     43,729

     (16,819
     )

     (38
     )%

      Other 

     78,481

     53,187

     (25,294
     )

     (48
     )%

      Total vessel operating costs 

     556,515

     397,301

     (159,214
     )

     (40
     )%

      Costs of other operating revenues 

     4,342

     2,130

     (2,212