Company: TDDWW
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001437749-25-034124
Chunk: 56

Company: TIDEWATER INC
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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     133,046

     129,522

     (3,524
     )

     (3
     )%

      General and administrative 

     10,527

     9,406

     (1,121
     )

     (12
     )%

      Depreciation and amortization 

     69,695

     67,795

     (1,900
     )

     (3
     )%

      Vessel operating profit 
      
     $
     47,957

     $
     42,249

     $
     5,708

     14
     %

      Select operating statistics: 

      Utilization 

     88.6
     %

     85.6
     %

     3.0
     %

      Active utilization 

     88.6
     %

     85.6
     %

     3.0
     %

      Average vessel day rates 
      
     $
     21,530

     $
     20,725

     $
     805

     3.9
     %

      Vessel operating cost per active day 
      
     $
     9,736

     $
     9,314

     $
     (422
     )

     (4.5
     )%

      Average total vessels 

     50

     51

     (1
     )

      Average stacked vessels 

     —

     —

     —

      Average active vessels 

     50

     51

     (1
     )

Revenue:

      ● 
      Increase primarily driven by higher utilization and higher average day rates which benefitted from higher demand and from foreign exchange related to British Pound, Euro and Norwegian Kroner denominated contracts. This increase was partially offset by a lower vessel count. 

      ● 
      Active utilization increased due to lower drydock and repair days. 

Vessel operating costs:

      ● 
      Increase primarily due to higher crew costs associated with higher payroll tax expense and the impact of foreign exchange related to payment of wages in British Pound and the Norwegian Kroner. We also incurred higher other costs resulting from unplanned items incidental to vessels being down for repair and higher training costs. Fuel costs decreased due to lower drydock and repair days. 

General and administrative expense:

      ● 
     Increase primarily due to higher personnel costs and higher professional fees.

Depreciation and amortization expense:

      ● 
      Increase due to