Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 103

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1A
Chunk 103
---
63,152

     (29,179
     )

     (46
     )%

      Vessel operating profit 
      
     $
     53,873

     $
     33,687

     $
     20,186

     60
     %

      Select operating statistics: 

      Utilization 

     85.5
     %

     87.4
     %

     (1.9
     )%

      Active utilization 

     85.5
     %

     87.4
     %

     (1.9
     )%

      Average vessel day rates 
      
     $
     20,855

     $
     18,514

     $
     2,341

     12.6
     %

      Vessel operating cost per active day 
      
     $
     9,411

     $
     8,758

     $
     (653
     )

     (7.5
     )%

      Average total vessels 

     51

     38

     13

      Average stacked vessels 

     —

     —

     —

      Average active vessels 

     51

     13

Vessel revenue:

      o 
      Primary drivers for the revenue increase include increase in average day rates and an increase in active vessels in the area resulting primarily from the Solstad Acquisition. 

     o
     Solstad Acquisition added 26 vessels in 2024 and 24 vessels during the last six months of 2023 and contributed $86.4 million to the revenue variance.

     o
     Active utilization decreased due to higher drydock days and increased idle time between contracts.

     o
     Active vessels increased primarily due to the Solstad vessel acquisition.

Vessel operating costs:

      o 
      Increase primarily due to the additional vessels in the segment. 

     o
     Solstad Vessels added $86.7 million and $37.8 million to operating costs in 2024 and 2023, respectively.

General and administrative expense:

      o 
      Increase primarily due to higher personnel costs as a result of the addition of onshore personnel from the Solstad Acquisition. 

Depreciation and amortization expense:

      o 
      Increase primarily due to the significant depreciation associated with the additional vessels acquired from Solstad plus higher amortization related to an increase in drydock activity. 

      50

West Africa Segment Operations. 

      Year Ended December 31