Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 604

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 3
Chunk 604
---
      Average vessel day rates 
      
     $
     18,514

     $
     15,267

     $
     3,247

     21.3
     %

      Vessel operating cost per active day 
      
     $
     8,758

     $
     7,954

     $
     (804
     )

     (10.1
     )%

      Average total vessels 

     27

     11

      Average stacked vessels 

     —

     (1
     )

     1

      Average active vessels 

     26

     12

Vessel revenue:

      o 
      Primary drivers for the revenue increase include increase in average day rates resulting from increased demand and the increase in active vessels in the area resulting mainly from the Solstad Acquisition. 

     o
     Solstad Acquisition added 24 vessels which, during the last six months of 2023, contributed $67.4 million to the revenue increase.

     o
     Active utilization decreased due to vessel mobilizations and higher drydock activity.

Vessel operating costs:

      o 
      Increase primarily due to the additional active vessels largely from the Solstad Acquisition. 

General and administrative expense:

      o 
      Increase primarily due to higher personnel costs and professional fees as a result of the Solstad Acquisition. 

Depreciation and amortization expense:

      o 
      Increase primarily due to the significant depreciation associated with the additional vessels acquired from Solstad plus higher amortization related to an increase in drydock activity. 

      57

West Africa Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Vessel revenues 
      
     $
     273,961

     $
     190,349

     $
     83,612

     44
     %

      Vessel operating costs: 

      Crew costs 

     69,176

     61,511

     (7,665
     )

     (12
     )%

      Repair and maintenance 

     18,993

     14,024

     (4,969
     )

     (35
     )%

      Insurance 

     2,610

     1,956

     (654
     )

     (33
     )%

      Fuel, lube and supplies