Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 1000

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 1000
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 %

     82.8
     %

     (1.6
     )%

      Average vessel day rates 
      
     $
     16,802

     $
     12,754

     $
     4,048

     31.7
     %

      Vessel operating cost per active day 
      
     $
     7,615

     $
     6,480

     $
     (1,135
     )

     (17.5
     )%

      Average total vessels 

     205

     182

     23

      Average stacked vessels 

     (5
     )

     (16
     )

     11

      Average active vessels 

     200

     166

     34

Revenue:

      o 
      Revenue benefitted from the full year effect of the SPO Acquisition which added 50 vessels to our fleet on April 22, 2022, and the Solstad Acquisition, which added 37 vessels to our fleet on July 5, 2023. 

     o
     The SPO vessels added $276.8 million to revenue in 2023, compared to approximately $150.0 million in 2022.

     o
     The Solstad vessels added $115.1 million to revenue in 2023.

     o
     Revenue benefitted from significantly higher day rates in 2023 and the additional capacity from the SPO Acquisition and Solstad Acquisition.

     o
     Slight decrease in active utilization in 2023, primarily due to a heavy drydock schedule and the mobilization of vessels between segments.

Vessel operating costs:

      o 
      Increase primarily due to the additional active vessels in our fleet from the SPO Acquisition and Solstad Acquisition, and higher mobilization costs as we moved several vessels between segments. 

      52

General and administrative:

      o 
      Decrease primarily due to lower acquisition related transaction costs, offset partially by higher personnel costs related to the Solstad Acquisition and the full year impact of the SPO Acquisition. 

Depreciation and amortization:

      o 
      Increase primarily due to the depreciation of additional vessels acquired in the SPO Acquisition and Solstad Acquisition and the amortization of a higher level of drydock costs associated with an increased number of vessels. 

Gain on asset dispositions, net:

      o 
      During 2023, we sold or recycled 15