Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1148

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 6
Chunk 1148
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 six months effects of the SPO Acquisition and Solstad Acquisition, respectively.

     o
     SPO Acquisition added 13 vessels for the full year in 2023 and contributed $45.7 to the revenue increase.

     o
     Solstad Acquisition added four vessels during the last six months of 2023 and contributed $14.6 million to the revenue increase.

     o
     Active utilization increased due to vessel demand.

Vessel operating costs:

      o 
     Increase primarily due to the additional active vessels and operating in a higher cost market.

General and administrative expense:

      o 
      Decrease primarily due to lower acquisition related costs and lower personnel costs from synergies realized in the SPO Acquisition. 

Depreciation and amortization expense:

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

      55

Middle East Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Vessel revenues 
      
     $
     135,375

     $
     110,375

     $
     25,000

     23
     %

      Vessel operating costs: 

      Crew costs 

     53,416

     44,944

     (8,472
     )

     (19
     )%

      Repair and maintenance 

     16,187

     12,210

     (3,977
     )

     (33
     )%

      Insurance 

     1,784

     1,412

     (372
     )

     (26
     )%

      Fuel, lube and supplies 

     12,092

     10,531

     (1,561
     )

     (15
     )%

      Other 

     17,127

     9,015

     (8,112
     )

     (90
     )%

      Total vessel operating costs 

     100,606

     78,112

     (22,494
     )

     (29
     )%

      General and administrative expense 

     9,254

     9,120

     (134
     )

     (1
     )%

      Depreciation and amortization 

     26,566

     24,236

     (2,330