Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 57

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 cost per active day 
      
     $
     6,436

     $
     5,732

     $
     (704
     )

     (12.3
     )%

      Average total vessels 

     68

     67

     1

      Average stacked vessels 

     (5
     )

     (1
     )

     (4
     )

      Average active vessels 

     63

     66

     (3
     )

Revenue:

      ● 
      Decrease primarily driven by lower active utilization as a result of increased idle days partially offset by substantially higher average day rates. 

     ●
     We took delivery of six new crew boats in 2025 and stacked some older crew boats, eight of which were sold.

Vessel operating costs:

      ● 
      Increase primarily due to higher repair costs associated with increased repair days; higher fuel costs associated with increased idle and stacked days; and higher other costs associated with a relief vessel engaged as a substitute for another vessel in drydock. 

General and administrative expense:

      ● 
     Increase due to higher personnel costs and professional fees and a credit to bad debt expense in the first nine months of 2024.

Depreciation and amortization expense:

      ● 
      Increase primarily due to higher amortization of drydock costs. 

       42

Liquidity, Capital Resources and Other Matters

Our objective in financing our business is to maintain and preserve adequate financial resources and sufficient levels of liquidity. As of September 30, 2025, we had $431.1 million in cash and cash equivalents, and a borrowing capacity under our Revolving Credit Facility of $250.0 million for which any future borrowings would be due April 2030. On July 7, 2025, we issued $650.0 million in 9.125% Senior Notes that mature in July 2030 (2030 Notes). With the proceeds of the offering, we redeemed most of our outstanding debt as of June 30, 2025, including accrued interest and early redemption premiums. Also on July 7, 2025, we executed the $250.0 million Revolving Credit Facility that replaced our previous $25.0 million credit facility. As of the date of this filing, no amounts have been drawn under the Revolving Credit Facility. For more information, see Note (8) - “Debt” to the Condensed Consolid