Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 215

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 215
---
 cost per active day 
      
     $
     16,299

     $
     11,057

     $
     (5,242
     )

     (47.4
     )%

      Average total vessels 

     21

     16

     5

      Average stacked vessels 

     —

     —

     —

      Average active vessels 

     21

     16

     5

Vessel revenue:

      o 
     Primary drivers for the revenue increase include an increase in average day rates; the full year effect of the Solstad Acquisition; and the larger proportion of vessels working in Australia where average day rates are higher.

     o
     Solstad Acquisition added four vessels in 2024 and during the last six months of 2023 and contributed $18.7 million to the revenue variance.

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

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

Vessel operating costs:

      o 
     Increase primarily due to the additional active vessels and by the increased proportion of vessels working in Australia where crew costs are higher.

General and administrative expense:

      o 
      Increase primarily due to higher personnel costs. 

Depreciation and amortization expense:

      o 
      Increase primarily due to additional vessels and higher drydock activity. 

      48

Middle East Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2024 

      2023 

      Change 

      % Change 

      Vessel revenues 
      
     $
     152,187

     $
     135,375

     $
     16,812

     12
     %

      Vessel operating costs: 

      Crew costs 

     53,390

     53,416

     26

     0
     %

      Repair and maintenance 

     17,595

     16,187

     (1,408
     )

     (9
     )%

      Insurance 

     1,882

     1,784

     (98
     )

     (5
     )%

      Fuel, lube and supplies 

     10,019

     12,092

     2,073

     17
     %

      Other 

     24,076

     17,127

     (6