Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 706

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 4
Chunk 706
---
, our joint venture in Angola of which we previously owned 49%; and

      -  $1.9 million in interest and other income related to a litigation settlement for one of our vessels.

Loss on warrants:

      o 
      In 2022, we initially recognized the 8.1 million warrants issued in connection with the SPO Acquisition as a liability. We subsequently amended the SPO agreement to allow us to reclassify the warrants from liabilities to equity and recognized a loss to mark the warrant liability to market from the SPO closing date through the date of the SPO agreement amendment. 

Foreign exchange losses:

      o 
     In 2023 and 2022, our foreign exchange losses were primarily the result of the settlement and revaluation of various foreign currency balances due to a strengthening of the U.S. Dollar against the Norwegian Kroner, Brazilian Real, Angola Kwanza, British Pound and Euro.

Income tax expense:

      o 
     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 2023 and 2022 is mainly attributable to taxes on our operations in foreign countries.

      53

Americas Segment Operations. 

      Year Ended December 31, 

      (In Thousands except for statistics) 
      
      2023 

      2022 

      Change 

      % Change 

      Vessel revenues 
      
     $
     237,205

     $
     146,871

     $
     90,334

     62
     %

      Vessel operating costs: 

      Crew costs 

     86,328

     56,767

     (29,561
     )

     (52
     )%

      Repair and maintenance 

     17,295

     12,706

     (4,589
     )

     (36
     )%

      Insurance 

     1,891

     1,439

     (452
     )

     (31
     )%

      Fuel, lube and supplies 

     13,175

     9,655

     (3,520
     )

     (36
     )%

      Other 

     19,232

     13,442

     (5,790
     )

     (43
     )%

      Total