Company: TDDWW
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0001437749-25-024640
Chunk: 57

Company: TIDEWATER INC
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 were partially offset by lower other operating costs primarily related to an accrual for a legal claim in the first quarter and lower insurance costs. 

General and administrative:

      ● 
      Increase primarily due to higher professional fees and higher personnel costs primarily related to charges associated with a transition and separation agreement. 

       29

Depreciation and amortization:

      ● 
      Decrease primarily due to a vessel that was fully depreciated in the first quarter. 

Gain on asset dispositions, net:

      ● 
     During the second quarter of 2025, we sold four vessels for approximately $7.3 million in proceeds and recognized a net gain of $5.5 million on the dispositions. During the first quarter of 2025, we sold two vessels for approximately $3.8 million in proceeds and recognized a net gain of $2.5 million on the dispositions. 

Interest expense:

      ● 
     No significant variances.

Interest income and other, net:

      ● 
     No significant variances.

Foreign exchange gains (losses):

      ● 
      Our foreign exchange gains in the second and first quarters of 2025 were primarily the result of the settlement and revaluation of various foreign currency balances due to a weakening of the U.S. Dollar against the Central African CFA Franc, West African CFA Franc, Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro. 

Income tax expense:

      ● 
      We are subject to taxes on our income in many jurisdictions worldwide and our actual tax expense can vary disproportionally to overall net income due to the mix of profits and losses in these foreign tax jurisdictions. Our tax expense for the second and first quarters of 2025 includes the impact from Pillar Two and taxes on our operations in foreign countries. The decrease in income taxes for the three months ended June 30, 2025, compared to the three months ended March 31, 2025, was primarily driven by the full release of the valuation allowance in the U.S. on net operating losses. 

       30

Segment results for three months ended June 30, 2025 compared to March 31, 2025

Americas Segment Operations. 

      (In Thousands except for statistics) 
      
      Three Months Ended 

      June 30, 2025 

      March 31, 2025 

      Change 

      % Change 

      Total revenue