Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 527

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 2
Chunk 527
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 customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are not being performed for a specific customer contract are capitalized and amortized over the remaining life of the equipment.
    
   Net Properties and Equipment 
    
   The following are summaries of net properties and equipment:

     (In Thousands)   December 31,    December 31,  
   2024    2023  
 Properties and equipment:         
 Vessels and related equipment  $1,727,197  $1,716,339 
 Other properties and equipment   28,969   32,447 
   1,756,166   1,748,786 
 Less accumulated depreciation and amortization   571,884   433,664 
 Net properties and equipment  $1,184,282  $1,315,122 

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   As of  December 31, 2024, we owned 211 offshore support vessels, 210 of which were active and one of which was stacked. As of  December 31, 2023, we owned 217 offshore support vessels, 215 of which were active and two of which were stacked. We consider a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed. We reduce operating costs by stacking vessels when we do not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are stacked when market conditions warrant and they are removed from stack when they are returned to active service, sold or otherwise disposed. We consider our current stacked vessels to be available for return to service. Stacked vessels are considered to be in service and are included in our utilization statistics. Please refer to Note (8) - “Assets Held for Sale, Asset Sales and Asset Impairments” for additional discussion of our assets held for sale including any reclassifications to or from the active fleet. Some of our vessels are pledged as security under our debt agreements. Refer to Note (4) – “Debt” for additional information regarding debt security.
    
   To support our West Africa segment, we contracted to build two ocean-going tugs which were completed in 2023 and cost approximately $6.0 million each. We also contracted to build eight Alucat crew boats, two of which were completed in 2023 and cost approximately $4