Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1200

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 6
Chunk 1200
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els have been delivered and we entered into Facility Agreements for approximately EUR13.9 million ($15.2 million) in financing. Each of the four Facility Agreements bear interest at rates ranging from 2.7% to 6.3% and are payable in ten equal principal semi-annual installments, with the first installment commencing six months following delivery of the vessel. The Facility Agreements are secured by the vessels, guaranteed by Tidewater as parent guarantor and contain no financial covenants. During  January and  February of 2025, we took delivery of five Alucat crew boats and recorded debt of approximately EUR 9.4 million ($9.7 million) with the Facility Agreement bearing interest at rates ranging from 5.2% to 5.4%.
    
   Debt Costs 
    
   We capitalize a portion of our interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred are as follows:

     (In Thousands)   Year Ended December 31,  
  2024  2023  2022 
 Total interest and debt costs incurred  $73,218  $48,742  $17,413 
 Less: interest costs capitalized   (251)  (270)  (224)
 Total interest and debt costs  $72,967  $48,472  $17,189 

   The Company’s scheduled principal long-term maturities as of  December 31, 2024, were as follows:

     Maturity of long-term debt (In Thousands)   Total Due  
 2025  $65,386 
 2026   327,903 
 2027   2,902 
 2028   251,696 
 Total  $647,887 

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    (5)  INVESTMENT IN UNCONSOLIDATED AFFILIATES 

    Amounts due from DTDW
    
   We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. We have not operated any company owned vessels in Nigeria since early 2020.
    
   In 2022, we entered into a netting arrangement with our partner allowing either partner to discharge their obligations by netting these amounts against sums owed