Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 391

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 391
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     (20
     )%

      General and administrative expense 

     9,281

     10,611

     1,330

     13
     %

      Depreciation and amortization 

     36,508

     28,534

     (7,974
     )

     (28
     )%

      Vessel operating profit (loss) 
      
     $
     98,447

     $
     43,112

     $
     55,335

     128
     %

      Select operating statistics: 

      Utilization 

     71.1
     %

     69.5
     %

     1.6
     %

      Active utilization 

     75.8
     %

     80.9
     %

     (5.1
     )%

      Average vessel day rates 
      
     $
     14,917

     $
     11,048

     $
     3,869

     35.0
     %

      Vessel operating cost per active day 
      
     $
     5,302

     $
     4,936

     $
     (366
     )

     (7.4
     )%

      Average total vessels 

     71

     68

     3

      Average stacked vessels 

     (4
     )

     (10
     )

     6

      Average active vessels 

     67

     58

     9

Vessel revenue:

      o 
      Primary drivers for the revenue increase include increase in average day rates and the increase in active vessels related to the full year and six months effects of the SPO Acquisition and Solstad Acquisition, respectively. 

     o
     SPO Acquisition added 22 vessels to the segment which for the full year of 2023 contributed $60.3 million to the revenue increase.

     o
     Solstad Acquisition added three vessels and contributed $6.0 million to the revenue increase.

     o
     Active utilization decreased due to vessel mobilizations, high drydock activity and high down for repair days.

     o
     Active vessels increased primarily due to mobilizations from other areas, and the SPO and Solstad vessel acquisitions.

Vessel operating costs:

      o 
      Increase primarily due to the additional nine active vessels. 

General and administrative expense:

      o 
      Decrease primarily due to lower personnel costs. 

Depreciation and