Company: TDDWW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001437749-25-005487
Chunk: 228

Company: TIDEWATER INC
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 228
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 in business activity and the acquisition of 37 vessels from Solstad. We paid $97.4 million for regulatory drydocks in 2023.

Investing Activities 

Net cash used in investing activities is as follows:

      (In Thousands) 
      
      Year Ended 

      Year Ended 

      December 31, 2024 

      December 31, 2023 

      Proceeds from asset dispositions 
      
     $
     19,338

     $
     15,506

      Proceeds from sale of notes 

     8,054

     $
     —

      Acquisitions, net of cash acquired 

     —

     (594,191
     )

      Additions to properties and equipment 

     (27,580
     )

     (31,588
     )

      Net cash used in investing activities 
      
     $
     (188
     )
      
     $
     (610,273
     )

Net cash used in investing activities for the year ended December 31, 2024, was $0.2 million, reflecting proceeds of $19.3 million related to the disposal of six vessels and $8.1 million related to the sale of a PEMEX note receivable. Additions to property and equipment were comprised of $27.6 million, primarily for upgrades to our existing fleet and continued enhancements to our current enterprise software system.

Net cash used in investing activities for the year ended December 31, 2023, was $610.3 million, reflecting proceeds of $15.5 million related to the disposal of 15 vessels. Acquisitions included $594.2 million for the purchase of 37 vessels from Solstad. Additions to property and equipment were comprised of $31.6 million, primarily for the down payment on six Alucat crew boats, upgrades to our existing fleet and continued enhancements to our current enterprise software system.

Financing Activities 

Net cash provided by (used in) financing activities is as follows:

      (In Thousands) 
      
      Year Ended 

      Year Ended 

      December 31, 2024 

      December 31, 2023 

      Exercise of warrants 
      
     $
     4

     $
     111,483

      Issuance of long-term debt 

     —

     575,000

      Principal payments on long-term debt 

     (103,030