Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 61

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 proceeds of the offering, we redeemed most of our outstanding debt as of June 30, 2025 including accrued interest and early redemption premiums. Also on July 7, 2025, we executed a new $250.0 million revolving credit facility (New Revolving Credit Facility) that matures in 2030 which replaced our previous $25.0 million revolving credit facility. No amounts have been drawn under the New Revolving Credit Facility. For more information, see Note (8) - “Debt” to the Condensed Consolidated Financial Statements included in this Form 10-Q.

Our objective in financing our business is to maintain and preserve adequate financial resources and sufficient levels of liquidity. As of June 30, 2025, we had approximately $372.3 million of cash on hand and borrowing capacity of $25.0 million. Our borrowing capacity under the New Revolving Credit Facility is $250.0 million, subject to fulfilling all pre-funding conditions. Our $650.0 million 2030 Notes are due July 2030. Working capital, which includes cash on hand, was $381.4 million at June 30, 2025, and includes $93.4 million of current maturities on long term debt. During the six months ended June 30, 2025, we generated $115.0 million in net income and $171.4 million in cash flow from operating activities, which includes our interest payments and drydock costs.

As of June 30, 2025, our primary customer in Mexico had an aggregate outstanding receivable balance of $45.4 million, with $35.1 million over 90 days past due, which represented approximately 14.4% of our total trade and other receivables balance. The amounts are not in dispute, however, we have not received a payment from this customer since May 2024. We have not historically had, and we do not expect to have any material write-offs due to the collectability of these receivables. However, additional or continued delays in this customer's payments in the future could differ from historical practice and our current expectations, and could negatively impact our future results.

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We believe cash and cash equivalents, coupled with our revolving credit capacity, supplemented with future net cash provided by operating activities, will provide us with sufficient