Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 101

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 101
---
     )

     1

      Average active vessels 

     34

     35

     (1
     )

Vessel revenue:

      o 
     Primary driver for revenue increase was the increase in average day rates which was partially offset by lower utilization largely resulting from substantially higher drydock days.

     o
     Solstad Acquisition added four vessels in 2024 and six vessels during the last six months in 2023 and contributed $19.2 million to the revenue variance.

     o
     Active vessels decreased primarily due to vessel transfers to other segments.

Vessel operating costs:

      o 
      Increase primarily due to higher repairs from substantially higher routine repairs performed while the vessels are in drydock. Crew costs increased due to the addition of Solstad Acquisition vessels. Certain contract fines and penalties related to delayed drydocks increased other operating costs. 

General and administrative expense:

      o 
      Decrease primarily due to higher bad debt expense in 2023. 

Depreciation and amortization expense:

      o 
      Increase primarily due to higher drydock activity which offset the lower depreciation resulting from a lower vessel count. 

      47

Asia Pacific Segment Operations.

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2024 

      2023 

      Change 

      % Change 

      Vessel revenues 
      
     $
     210,328

     $
     122,235

     $
     88,093

     72
     %

      Vessel operating costs: 

      Crew costs 

     88,968

     41,940

     (47,028
     )

     (112
     )%

      Repair and maintenance 

     13,999

     9,212

     (4,787
     )

     (52
     )%

      Insurance 

     1,197

     794

     (403
     )

     (51
     )%

      Fuel, lube and supplies 

     8,834

     5,251

     (3,583
     )

     (68
     )%

      Other 

     10,311

     7,751

     (2,560
     )

     (33
     )%

      Total vessel operating costs 

     123,309

     64,948

     (58,361
     )

     (90
     )%

      General and