Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 499

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 499
---
,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 amortization expense:

      o 
      Increase primarily due to additional vessels and significantly increased drydock activity. 

      58

Stacked Vessels and Vessel Dispositions

We consider a vessel to be stacked if the vessel crew is furloughed or substantially reduced and limited maintenance is performed on the vessel. We reduce operating costs by stacking vessels when management does not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are stacked when market conditions warrant and are not considered stacked when they return to active service, are sold or otherwise disposed. When economically practical marketing opportunities arise, the stacked vessels can be returned to active service by performing any necessary maintenance on the vessel and either rehiring or returning fleet personnel to operate the vessel. Although not currently fulfilling charters, stacked vessels are considered in service and included in the calculation of our overall utilization statistics.

We had one, two and 13 stacked vessels including vessels classified as assets held for sale in our fleet as of December 31, 2024, December 31, 2023 and December 31,