Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1142

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 6
Chunk 1142
---
10,669

     (7,937
     )

     (74
     )%

      Vessel operating profit 
      
     $
     59,869

     $
     38,471

     $
     21,398

     56
     %

      Select operating statistics: 

      Utilization 

     79.8
     %

     82.3
     %

     (2.5
     )%

      Active utilization 

     79.8
     %

     83.0
     %

     (3.2
     )%

      Average vessel day rates 
      
     $
     34,646

     $
     24,968

     $
     9,678

     38.8
     %

      Vessel operating cost per active day 
      
     $
     16,299

     $
     11,057

     $
     (5,242
     )

     (47.4
     )%

      Average total vessels 

     21

     16

     5

      Average stacked vessels 

     —

     —

     —

      Average active vessels 

     21

     16

     5

Vessel revenue:

      o 
     Primary drivers for the revenue increase include an increase in average day rates; the full year effect of the Solstad Acquisition; and the larger proportion of vessels working in Australia where average day rates are higher.

     o
     Solstad Acquisition added four vessels in 2024 and during the last six months of 2023 and contributed $18.7 million to the revenue variance.

     o
     Active utilization decreased due to higher drydock days and higher idle days between contracts.

     o
     Active vessels increased primarily due to the Solstad vessel acquisitions.

Vessel operating costs:

      o 
     Increase primarily due to the additional active vessels and by the increased proportion of vessels working in Australia where crew costs are higher.

General and administrative expense:

      o 
      Increase primarily due to higher personnel costs. 

Depreciation and amortization expense:

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

      48

Middle East Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2024 

      2023 

      Change 

      % Change 

      Vessel revenues 
      
     $
     152,187