Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 388

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 388
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 )%

      General and administrative expense 

     15,105

     10,926

     (4,179
     )

     (38
     )%

      Depreciation and amortization 

     41,215

     29,920

     (11,295
     )

     (38
     )%

      Vessel operating profit (loss) 
      
     $
     42,964

     $
     12,016

     $
     30,948

     258
     %

      Select operating statistics: 

      Utilization 

     82.0
     %

     70.5
     %

     11.5
     %

      Active utilization 

     84.4
     %

     80.8
     %

     3.6
     %

      Average vessel day rates 
      
     $
     22,174

     $
     16,880

     $
     5,294

     31.4
     %

      Vessel operating cost per active day 
      
     $
     10,916

     $
     8,691

     $
     (2,225
     )

     (25.6
     )%

      Average total vessels 

     36

     34

     2

      Average stacked vessels 

     (1
     )

     (4
     )

     3

      Average active vessels 

     35

     30

     5

Vessel revenue:

      o 
     Primary driver for revenue increase was the increase in average day rates, however, active utilization and additional vessels increased revenue as well.

     o
     SPO Acquisition added two vessels for the full year in 2023 and contributed $15.4 million to revenue increase.

     o
     Solstad Acquisition added six vessels during the last six months in 2023 and contributed $27.1 million to revenue increase.

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

Vessel operating costs:

      o 
      Increase primarily due to the additional five active vessels. 

General and administrative expense:

      o 
      Increase primarily due to bad debt expense in 2023 and increased professional fees. 

Depreciation and amortization expense:

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

      54

Asia Pacific Segment Operations.

      Year Ended December