Company: TDDWW
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001437749-25-014565
Chunk: 44

Company: TIDEWATER INC
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 of 2025, three of which arrived late in the quarter, and stacked some older crew boats. These actions contributed to the increase in active utilization.

Vessel operating costs:

      ● 
      Increase primarily due to higher fuel costs associated with increased idle time and increased costs associated with a relief vessel. 

General and administrative expense:

      ● 
     Decrease due to lower professional fees related to a customs audit in the fourth quarter of 2024.

Depreciation and amortization expense:

      ● 
      Increase primarily due to higher amortization of drydock costs and higher depreciation related to new vessels. 

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Vessel Dispositions and Stacked Vessels

We may sell and/or recycle vessels when market conditions warrant and opportunities arise. We generally target older vessels or vessels that do not meet our strategic goals for sale but may also sell vessels when approached by third parties with positive value propositions. Vessel sales during the first three months of 2025 consisted of two vessels from our active fleet.

We consider a vessel to be stacked if the vessel crew is furloughed or substantially reduced and limited maintenance is performed on the vessel. Although not currently fulfilling charters, stacked vessels are considered in service and included in the calculation of our utilization statistics. We include any vessel designated as assets held for sale in stacked vessels as they continue to incur stacking related costs. We had six stacked vessels and one stacked vessel at March 31, 2025 and December 31, 2024, respectively. The increase in stacked vessels is primarily attributable to recently-idled older crew boats.

Liquidity, Capital Resources and Other Matters

As of March 31, 2025, we had $349.9 million in cash and cash equivalents, which includes restricted cash and amounts held by foreign subsidiaries, the majority of which is available to us without adverse tax consequences. Included in foreign subsidiary cash are balances held in U.S. dollars and foreign currencies that await repatriation due to various currency conversion and repatriation constraints, partner and tax related matters. We currently expect earnings by our foreign subsidiaries will be indefinitely reinvested in foreign jurisdictions to fund strategic initiatives (such as investment, expansion and acquisitions), fund working capital requirements and repay intercompany liabilities of our foreign subsidiaries in the normal course of business. Moreover, we do not currently intend to repatriate earnings of our foreign subsidiaries to the U.S. because cash