Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 540

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 540
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 include any potential synergies or non-recurring charges that  may result directly from the business combination.

     (In Thousands)     
     
   Year ended  
   December 31, 2022  
     
 Revenues  $714,783 
     
 Net loss   (22,899)

   Sonatide (Angola)
    
   Prior to 2022, we participated in a joint venture in Angola (Sonatide) where we owned 49% of the joint venture and our partner Sonangol Holdings, LDA (Sonangol) owned 51%. In  January 2022, we acquired the 51% equity interest in Sonatide owned by Sonangol, pursuant to a Sale and Purchase Agreement between Sonangol and us for $11.2 million in cash. This acquisition gave us complete control of our operations in Angola.
    
   The acquisition date was  January 3, 2022 (Sonatide Closing Date). However, we used a convenience date of  January 1, 2022 for the acquisition and recorded activity from the beginning of the year. Revenues and net losses of Sonatide from the Sonatide Closing Date included in our consolidated statements of operations were $2.3 million and $0.8 million for the year ended  December 31, 2022, respectively.
    
   Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Sonatide Closing Date under the acquisition method of accounting. No adjustments have been made to the initial fair values assigned and we have finalized the fair values of the assets acquired and liabilities assumed.
    
   The amounts for assets acquired and liabilities assumed are based on estimates of their fair values as of the Sonatide Closing Date and were as follows:

     (In Thousands)     
     
 Assets     
 Current assets  $12,894 
 Net properties and equipment and other assets   2,907 
 Total assets   15,801 
 Liabilities     
 Current liabilities   283 
 Other liabilities   2,995 
 Total liabilities   3,278 
     
 Net assets acquired   11,223 
 Bargain purchase gain  $1,300 

       86

   The bargain purchase gain of $1.3 million is included in our consolidated statement of operations for the year ended  December 31,