Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 707

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 4
Chunk 707
---
057

     $
     8,582

     $
     (2,475
     )

     (28.8
     )%

      Average total vessels 

     16

     14

     2

      Average stacked vessels 

     —

     (1
     )

     1

      Average active vessels 

     16

     13

     3

Vessel revenue:

      o 
     Primary drivers for the revenue increase include the increase in average day rates resulting from increased demand and the full year and six months effects of the SPO Acquisition and Solstad Acquisition, respectively.

     o
     SPO Acquisition added 13 vessels for the full year in 2023 and contributed $45.7 to the revenue increase.

     o
     Solstad Acquisition added four vessels during the last six months of 2023 and contributed $14.6 million to the revenue increase.

     o
     Active utilization increased due to vessel demand.

Vessel operating costs:

      o 
     Increase primarily due to the additional active vessels and operating in a higher cost market.

General and administrative expense:

      o 
      Decrease primarily due to lower acquisition related costs and lower personnel costs from synergies realized in the SPO Acquisition. 

Depreciation and amortization expense:

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

      55

Middle East Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Vessel revenues 
      
     $
     135,375

     $
     110,375

     $
     25,000

     23
     %

      Vessel operating costs: 

      Crew costs 

     53,416

     44,944

     (8,472
     )

     (19
     )%

      Repair and maintenance 

     16,187

     12,210

     (3,977
     )

     (33
     )%

      Insurance 

     1,784

     1,412

     (372
     )

     (26
     )%

      Fuel, lube and supplies 

     12,092

     10,531

     (1,561
     )

     (15
     )%

      Other 

     17,127