Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 59

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 costs primarily related to an accrual for a legal claim. 

General and administrative:

      ● 
      Increase primarily due to higher personnel costs; higher stock compensation; and charges associated with a transition and separation agreement. We also incurred higher professional fees in 2025 compared to 2024. 

       36

Depreciation and amortization:

      ● 
      Increase primarily due to higher amortization of drydock costs. 

Gain on asset dispositions, net:

      ● 
     During the first six months of 2025, we sold six vessels for approximately $11.1 million in proceeds and recognized a net gain of $8.0 million on the dispositions. During the first six months of 2024, we sold four vessels for approximately $14.8 million in proceeds and recognized a net gain of $13.0 million on the dispositions.

Interest expense:

      ● 
     Decrease due to lower debt levels as we made principal payments of $26.5 million in 2025 which follows payments of $76.5 million in the third and fourth quarters of 2024. These principal payments were partially offset by $11.5 million in new debt related to the six crew boats delivered in 2025.

Interest income and other, net:

      ● 
     Increase primarily due to a Brazil legal case recovery which included an interest component.

Foreign exchange gains (losses):

      ● 
      Our foreign exchange gains in 2025 and losses in 2024, were primarily the result of the settlement and revaluation of various foreign currency balances due to a weakening/strengthening of the U.S. Dollar against the Central African CFA Franc, West African CFA Franc, Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro. 

Income tax expense:

      ● 
      We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. Our tax expense for 2025 includes the impact from Pillar Two and taxes on our operations in foreign countries. Tax expense for 2024 is mainly attributable to taxes on our operations in foreign countries. During 2025, we released valuation allowance in the U.S. on net operating losses. 

       37

Segment results for six months ended June 30, 2025 compared to June 30,