Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 663

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 663
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 during the years ended  December 31:

     (In Thousands, except number of vessels)   Number of Vessels   2024   Number of Vessels   2023   Number of Vessels   2022 
                         
 Beginning balance   —  $—   8  $4,195   18  $14,421 
 Additions   —   —   —   —   3   2,561 
 Sales   —   —   (8)  (4,195)  (12)  (11,287)
 Reactivation   —   —   —   —   (1)  (1,500)
 Ending balance   —  $—   —  $—   8  $4,195 

   Following is the summary of vessel sales and the gains on sales of vessels for the years ended  December 31:

     (In Thousands, except number of vessels)   2024    2023    2022  
             
 Vessels sold from active fleet   6   7   2 
 Gain on sale of active vessels, net  $15,677  $5,613  $553 
             
 Vessels sold/recycled from assets held for sale   —   8   12 
 Gain on vessels sold/recycled from assets held for sale, net  $—  $3,088  $5 
 Total vessels sold/recycled   6   15   14 
 Total gain on sales of vessels, net  $15,677  $8,701  $558 

   In 2022, we recaptured $0.5 million of impairment expense related to vessels held for sale that we reactivated.
    
   In conjunction with our review of conditions that would indicate potential impairment in the value of our assets, we identified certain obsolete marine service parts and supplies inventory and charged $1.2 million of impairment expense for the year ended  December 31, 2022. No impairment was recorded for the years ended  December 31, 2024 and 2023. We considered this valuation approach to be a Level 3 fair value measurement due to the level of estimation involved