TIDEWATER INC, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Document Information [Line Items]      
Entity Central Index Key 0000098222    
Entity Registrant Name TIDEWATER INC    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2024    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-6311    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 72-0487776    
Entity Address, Address Line One 842 West Sam Houston Parkway North, Suite 400    
Entity Address, City or Town Houston    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 77024    
City Area Code 713    
Local Phone Number 470-5300    
Title of 12(b) Security Common Stock, $0.001 par value per share    
Trading Symbol TDW    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4,700,000,000
Entity Common Stock, Shares Outstanding   51,470,224  
Auditor Firm ID 238    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Location Houston, Texas    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 324,918 $ 274,437
Restricted cash 2,032 1,241
Trade and other receivables, less allowance for credit losses of $3,184 and $15,914 as of December 31, 2024 and 2023, respectively 323,805 268,352
Marine operating supplies 34,319 31,933
Prepaid expenses and other current assets 13,588 15,172
Total current assets 698,662 591,135
Net properties and equipment 1,184,282 1,315,122
Deferred drydocking and survey costs 152,550 106,698
Other Assets, Noncurrent 27,464 32,449
Total assets 2,074,904 2,062,774
Liabilities, Current [Abstract]    
Accounts payable 71,385 44,931
Accrued expenses 129,894 125,590
Current portion of long-term debt 65,386 103,077
Other current liabilities 64,948 55,133
Total current liabilities 331,613 328,731
Long-term debt 571,710 631,361
Other Liabilities, Noncurrent 60,396 64,985
Commitments and contingencies
Equity:    
Common stock of $0.001 par value, 125,000,000 shares authorized. 51,461,472 and 52,259,303 shares issued and outstanding at December 31, 2024 and 2023, respectively 52 52
Additional paid-in capital 1,656,830 1,671,759
Accumulated deficit (548,831) (637,838)
Accumulated other comprehensive income 6,060 5,266
Total stockholders’ equity 1,114,111 1,039,239
Noncontrolling interests (2,926) (1,542)
Total equity 1,111,185 1,037,697
Total liabilities and equity 2,074,904 2,062,774
Swire Pacific Offshore Holdings Ltd. [Member]    
Current assets:    
Indemnification assets $ 11,946 $ 17,370
v3.25.0.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Allowance for credit losses $ 3,184 $ 15,914
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 125,000,000 125,000,000
Common stock, shares issued (in shares) 51,461,472 52,259,303
Common stock, shares outstanding (in shares) 51,461,472 52,259,303
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Revenue $ 1,345,835 $ 1,009,985 $ 647,684
Costs and expenses:      
Vessel operating costs 693,107 556,515 397,301
Costs of other operating revenues 3,555 4,342 2,130
General and Administrative Expense 110,817 95,283 101,921
Depreciation and amortization 242,770 180,331 119,160
Gain on asset dispositions, net (15,762) (8,701) (250)
Long-lived asset impairments and other 0 0 714
Total costs and expenses 1,034,487 827,770 620,976
Operating income 311,348 182,215 26,708
Other income (expense):      
Foreign exchange loss (15,276) (1,370) (2,827)
Equity in net earnings (losses) of unconsolidated companies 0 39 (221)
Interest Income (Expense), Nonoperating 6,383 6,517 5,397
Loss on warrants 0 0 (14,175)
Interest and other debt costs, net (72,967) (48,472) (17,189)
Total other expense (81,860) (43,286) (29,015)
Income (loss) before income taxes 229,488 138,929 (2,307)
Income tax expense 50,216 43,308 19,886
Net income (loss) 179,272 95,621 (22,193)
Less: Net losses attributable to noncontrolling interests (1,384) (1,564) (444)
Net income (loss) attributable to Tidewater Inc. $ 180,656 $ 97,185 $ (21,749)
Basic income (loss) per common share (in dollars per share) $ 3.44 $ 1.88 $ (0.49)
Diluted income (loss) per common share (in dollars per share) $ 3.4 $ 1.84 $ (0.49)
Weighted average common shares outstanding (in shares) 52,452 51,591 44,132
Dilutive effect of warrants, restricted stock units and stock options (in shares) 619 1,346 0
Adjusted weighted average common shares (in shares) 53,071 52,937 44,132
Vessel [Member]      
Revenues:      
Revenue $ 1,337,637 $ 998,993 $ 641,404
Product and Service, Other [Member]      
Revenues:      
Revenue $ 8,198 $ 10,992 $ 6,280
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income (loss) $ 179,272 $ 95,621 $ (22,193)
Other comprehensive income (loss):      
Unrealized gain (loss) on note receivable 283 213 (496)
Change in supplemental executive retirement plan pension liability 318 (525) 4,561
Change in pension plan minimum liability 193 (2,998) 1,843
Total comprehensive income (loss) $ 180,066 $ 92,311 $ (16,285)
v3.25.0.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Noncontrolling Interest [Member]
Total
Balance at December 31 at Dec. 31, 2021 $ 41 $ 1,376,494 $ (677,900) $ 2,668 $ 466 $ 701,769
Total comprehensive income (loss) 0 0 (21,749) 5,908 (444) (16,285)
Issuance of common stock 10 192,881 0 0 0 192,891
SPO Acquisition Warrants 0 176,823 0 0 0 176,823
Repurchase of SPO Acquisition Warrants 0 (194,256) 0 0 0 (194,256)
Amortization of share-based awards 0 5,048 0 0 0 5,048
Balance at December 31 at Dec. 31, 2022 51 1,556,990 (699,649) 8,576 22 865,990
Total comprehensive income (loss) 0 0 97,185 (3,310) (1,564) 92,311
Amortization of share-based awards 0 4,715 0 0 0 4,715
Exercise of warrants into common stock 2 111,481 0 0 0 111,483
Repurchase and retirement of common stock (1) 0 (35,374) 0 0 (35,375)
Acquisition of non-controlling interest in a majority owned subsidiary 0 (1,427) 0 0 0 (1,427)
Balance at December 31 at Dec. 31, 2023 52 1,671,759 (637,838) 5,266 (1,542) 1,037,697
Total comprehensive income (loss) 0 0 180,656 794 (1,384) 180,066
Issuance of common stock 1 (1) 0 0 0 0
Amortization of share-based awards 0 (14,932) 0 0 0 (14,932)
Exercise of warrants into common stock 0 4 0 0 0 4
Repurchase and retirement of common stock (1) 0 (91,649) 0 0 (91,650)
Balance at December 31 at Dec. 31, 2024 $ 52 $ 1,656,830 $ (548,831) $ 6,060 $ (2,926) $ 1,111,185
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income (loss) $ 179,272 $ 95,621 $ (22,193)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 156,166 128,777 83,522
Amortization of deferred drydocking and survey costs 86,604 51,554 35,638
Amortization of debt premiums and discounts 6,741 4,619 1,679
Amortization of below market contracts (5,000) (3,800) 0
Deferred income taxes provision (benefit) (2,807) 92 36
Gain on asset dispositions, net (15,762) (8,701) (250)
Gain on pension settlement 0 (2,313) 0
Gain on bargain purchase 0 0 (1,300)
Long-lived asset impairments and other 0 0 714
Loss on warrants 0 0 14,175
Stock-based compensation expense 13,681 10,755 7,372
Changes in operating assets and liabilities, net:      
Trade and other receivables (55,453) (109,756) (4,129)
Due to/from affiliate, net 0 0 (20)
Marine operating supplies (2,906) 1,984 (14,611)
Prepaid expenses and other current assets 1,584 5,813 (4,899)
Accounts payable 26,454 5,985 16,481
Accrued expenses 7,393 20,072 (1,340)
Other current liabilities 13,908 809 (555)
Other liabilities (2,415) (740) (10,930)
Deferred drydocking and survey costs (133,258) (97,378) (56,000)
Other, net (353) 1,312 (3,164)
Net cash provided by operating activities 273,849 104,705 40,226
Cash flows from investing activities:      
Proceeds from asset dispositions 19,338 15,506 13,568
Proceeds from sale of notes 8,054 0 0
Acquisitions, net of cash acquired 0 (594,191) (20,740)
Additions to properties and equipment (27,580) (31,588) (16,637)
Net cash used in investing activities (188) (610,273) (23,809)
Cash flows from financing activities:      
Exercise of warrants 4 111,483 0
Proceeds from issuance of shares 0 0 187,832
Repurchase of SPO acquisition warrants 0 0 (187,832)
Issuance of long-term debt 0 575,000 0
Principal payments on long-term debt (103,030) (13,677) 0
Purchase of common stock (90,742) (35,025) 0
Acquisition of non-controlling interest in a majority owned subsidiary 0 (1,427) 0
Debt issuance costs (213) (14,758) (393)
Tax on share-based award (28,614) (6,040) (2,323)
Net cash provided by (used in) financing activities (222,595) 615,556 (2,716)
Net change in cash, cash equivalents and restricted cash 51,066 109,988 13,701
Cash, cash equivalents and restricted cash at beginning of period 277,965 167,977 154,276
Cash, cash equivalents and restricted cash at end of period 329,031 277,965 167,977
Supplemental disclosure of cash flow information:      
Interest, net of amounts capitalized 66,897 26,638 15,554
Income taxes 56,909 43,880 22,275
Supplemental disclosure of noncash investing activities:      
Acquisition of SPO 0 0 162,648
Purchase of four vessels 0 14,265 0
Warrants issued for SPO acquisition 0 0 162,648
Repurchase of SPO Acquisition Warrants 0 0 1,365
Debt incurred for the purchase of four vessels $ 0 $ 15,235 $ 0
v3.25.0.1
Consolidated Statements of Cash Flows (Parentheticals) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Restricted Cash $ 2.1 $ 2.3
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Insider Trading Arr Line Items    
Material Terms of Trading Arrangement [Text Block]  

ITEM 9B. OTHER INFORMATION

 

During the three-month period ended December 31, 2024, no director or officer, as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Terminated [Flag] false  
Rule 10b5-1 Arrangement Adopted [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

 

Cybersecurity Risk Management & Strategy

 

Our business requires the use of information technology (IT) and operational technology (OT) resources, including those to carry out our day-to-day operational activities both onshore and offshore, to maintain our business records and to proactively monitor internal and external cybersecurity threats. To respond to cybersecurity risks and threats, we have developed a cybersecurity risk management program designed to identify, assess, manage and respond to cybersecurity incidents while also preserving the confidentiality, integrity and continued availability of our information and assets. The underlying controls of our cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and the International Organization for Standardization (ISO) 27001 Information Security Management System Requirements.

 

We have a Security Operations Center operating in multiple regions that provides daily monitoring of our global cybersecurity environment and coordinates real-time investigation and remediation of alerts. Identifying and assessing cybersecurity risks related to our business, operations, privacy and compliance issues are identified and addressed through a multi-faceted approach including third party assessments, internal IT audits, IT/OT security, governance, risk and compliance reviews. To deter, detect and respond to cybersecurity incidents, we conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform penetration testing using external third-party tools and consultants, and conduct tabletop exercises to simulate responses to cybersecurity incidents. We also conduct and require our workforce to complete ongoing cybersecurity awareness education and training. Our team of cybersecurity professionals then collaborate with technical and business stakeholders across our business units to further analyze the risk to the company, and form detection, mitigation and remediation strategies.

 

We have implemented incident response and breach management processes, including (i) preparation for a cybersecurity incident, (ii) detection and analysis of a security incident; (iii) containment, remediation and recovery from an incident; and (iv) post-incident analysis. Such cybersecurity incident responses are overseen by leaders from our IT, compliance and legal teams as further described under “Cybersecurity Governance” below, and elevated to other senior leaders, third party providers and the Audit Committee of the Board as appropriate and in accordance with our response plan and procedures.

 

We engage third party security experts for assessments, penetration tests and program enhancements, including vulnerability assessments, security framework maturity assessments and identification of areas for continued focus and improvement. We use the findings of these exercises to improve our practices, procedures, and technologies. We engage third party security experts to support our cybersecurity threat and incident response management and maintain cybersecurity risk insurance coverage.

 

Our risk management program also assesses third party risks, and we perform third-party risk management to identify and mitigate risks from third parties such as vendors, suppliers, and other business partners associated with our use of third-party service providers. Cybersecurity risks are evaluated when determining the selection and oversight of applicable third-party service providers and potential fourth-party risks when handling and/or processing our employee, business or customer data.

 

We have not experienced a material cybersecurity incident and although we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats that have materially affected the Company. For more information on our cybersecurity risks, see “Risk Factors – Risks Relating to Information Technology and Cybersecurity – Cybersecurity attacks on any of our facilities, or those of third parties, may result in potential liability or reputational damage or otherwise adversely affect our business.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented incident response and breach management processes, including (i) preparation for a cybersecurity incident, (ii) detection and analysis of a security incident; (iii) containment, remediation and recovery from an incident; and (iv) post-incident analysis. Such cybersecurity incident responses are overseen by leaders from our IT, compliance and legal teams as further described under “Cybersecurity Governance” below, and elevated to other senior leaders, third party providers and the Audit Committee of the Board as appropriate and in accordance with our response plan and procedures.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] We have not experienced a material cybersecurity incident and although we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats that have materially affected the Company. For more information on our cybersecurity risks, see “Risk Factors – Risks Relating to Information Technology and Cybersecurity – Cybersecurity attacks on any of our facilities, or those of third parties, may result in potential liability or reputational damage or otherwise adversely affect our business.”
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

 

The Audit Committee of our Board oversees our cybersecurity risk management program and meets on a quarterly basis with our Chief Information Officer (CIO) to review our cybersecurity programs and risks, including (as applicable) assessments and program maturity; evolving cyber risks; status on addressing and/or mitigating cyber risks; any recent cybersecurity or data privacy incidents at the Company and across the industry; and status on any key cybersecurity initiatives. These cybersecurity risks and programs are further reviewed and considered by the Board in connection with the company’s overarching enterprise risk program.

 

 

Our cybersecurity team is led by our Director of IT Infrastructure, who has over 20 years of experience and obtained various professional security certifications and advanced training in the field of cybersecurity and technology and reports to our CIO. Our CISO is responsible for managing and supervising our cyber risk management program and informing the CIO and senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents.

 

The CISO and CIO are informed about and monitor these cybersecurity programs and incidents through their oversight of, and participation in, the cybersecurity risk management and strategy processes described above, including management of and notices from our Security Operations Centers and the supervision of our incident response plan and processes.

 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board oversees our cybersecurity risk management program and meets on a quarterly basis with our Chief Information Officer (CIO) to review our cybersecurity programs and risks, including (as applicable) assessments and program maturity; evolving cyber risks; status on addressing and/or mitigating cyber risks; any recent cybersecurity or data privacy incidents at the Company and across the industry; and status on any key cybersecurity initiatives. These cybersecurity risks and programs are further reviewed and considered by the Board in connection with the company’s overarching enterprise risk program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO and CIO are informed about and monitor these cybersecurity programs and incidents through their oversight of, and participation in, the cybersecurity risk management and strategy processes described above, including management of and notices from our Security Operations Centers and the supervision of our incident response plan and processes.
Cybersecurity Risk Role of Management [Text Block] Our cybersecurity team is led by our Director of IT Infrastructure, who has over 20 years of experience and obtained various professional security certifications and advanced training in the field of cybersecurity and technology and reports to our CIO. Our CISO is responsible for managing and supervising our cyber risk management program and informing the CIO and senior management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Description and Accounting Policies [Text Block]

(1)

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Operations

 

We provide offshore support vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we charge for these services (day rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction and support. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas (oil and gas) prices, which fluctuate depending on the respective levels of supply and demand for oil and gas and the outlook for such levels.

 

In 2023, we acquired 37 platform supply vessels owned by Solstad Offshore ASA, a Norwegian public limited company, operating primarily in the North Sea, Australia and Brazil.

 

In 2022, we acquired Swire Pacific Offshore Holdings Ltd., a limited company organized under the laws of Bermuda (SPO), which owned 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East.

 

Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors.

 

Basis of Presentation

 

The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared by the company, pursuant to the rules and regulations of the Securities and Exchange Commission.

 

Principles of Consolidation

 

The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation.

 

Reporting Segments

 

Reporting business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our segments are based on geographic markets: the Americas segment, which includes the U.S. Gulf of Mexico (U.S. Gulf), Trinidad, Mexico and Brazil; the Asia Pacific segment, which includes Southeast Asia and Australia; the Middle East segment, which includes Saudi Arabia, United Arab Emirates, India and East Africa; the Europe/Mediterranean segment, which includes the United Kingdom, Norway and Egypt; and the West Africa segment, which includes Angola and other coastal regions of West Africa. Please refer to Note (14) - “Segment Information, Geographical Data and Major Customers” for disclosure related to reporting segments.

 

Use of Estimates in Preparation of Financial Statements

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the recorded amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for credit losses, useful lives of property and equipment, estimated net realizable value of assets held for sale and marine operating supplies, income tax provisions, impairments, fair value of assets and liabilities related to acquired vessels, fair value of available-for-sale debt securities, fair value of stock-based compensation awards, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates.

 

 

 

Cash Equivalents

 

We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

 

Restricted Cash

 

We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds.

 

Marine Operating Supplies

 

Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value.

 

Properties and Equipment

 

Capitalization, Depreciation and Amortization

 

Properties and equipment acquired after fresh-start are stated at their acquisition cost. Depreciation is computed primarily on the straight-line basis beginning on acquisition date or on the date construction is completed, with salvage values of 7.5% for marine equipment, using estimated useful lives of 10 – 20 years for marine equipment and 3 – 10 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of operations. 

 

Maintenance and Repairs

 

Most of our vessels require certification inspections twice in every five-year period. These costs include drydocking and survey costs necessary to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies. These certification costs are typically incurred while the vessel is in drydock and may be incurred concurrent with other vessel maintenance and improvement activities. Costs related to the certification of vessels are deferred and amortized over 30 months on a straight-line basis.

 

Maintenance costs incurred at the time of the recertification drydocking that are not related to the certification of the vessel are expensed as incurred.

 

Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are not being performed for a specific customer contract are capitalized and amortized over the remaining life of the equipment.

 

Net Properties and Equipment

 

The following are summaries of net properties and equipment:

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Properties and equipment:

        

Vessels and related equipment

 $1,727,197  $1,716,339 

Other properties and equipment

  28,969   32,447 
   1,756,166   1,748,786 

Less accumulated depreciation and amortization

  571,884   433,664 

Net properties and equipment

 $1,184,282  $1,315,122 

 

 

As of  December 31, 2024, we owned 211 offshore support vessels, 210 of which were active and one of which was stacked. As of December 31, 2023, we owned 217 offshore support vessels, 215 of which were active and two of which were stacked. We consider a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed. We reduce operating costs by stacking vessels when we do not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are stacked when market conditions warrant and they are removed from stack when they are returned to active service, sold or otherwise disposed. We consider our current stacked vessels to be available for return to service. Stacked vessels are considered to be in service and are included in our utilization statistics. Please refer to Note (8) - “Assets Held for Sale, Asset Sales and Asset Impairments” for additional discussion of our assets held for sale including any reclassifications to or from the active fleet. Some of our vessels are pledged as security under our debt agreements. Refer to Note (4) – “Debt” for additional information regarding debt security.

 

To support our West Africa segment, we contracted to build two ocean-going tugs which were completed in 2023 and cost approximately $6.0 million each. We also contracted to build eight Alucat crew boats, two of which were completed in 2023 and cost approximately $4.0 million each. We expect five of the remaining six Alucat crew boats to be delivered in early 2025 and one to be delivered later in 2025. We paid $2.9 million to start the construction on these vessels, which will cost approximately $2.5 million each. During January and February of 2025, we took delivery of five Alucat crew boats and recorded debt of approximately EUR 9.4 million ($9.7 million).

 

Impairment of Long-Lived Assets

 

We review the vessels in our active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. Stacked vessels expected to return to active service are evaluated for impairment as part of their assigned active asset group.

 

We estimate future cash flows based upon historical data adjusted for our best estimate of expected future market performance, which, in turn, is based on industry trends. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average day rates and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As our fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation.

 

If an asset group fails the undiscounted cash flow test, we estimate the fair value (Level 3) of that asset group and compare such estimated fair value to the carrying value of that asset group in order to determine if impairment exists.

 

From time to time, we may designate assets or a group of assets for disposal under a plan for disposition. Cost and related accumulated depreciation associated with assets designated for disposal under such a plan are removed from the property and equipment accounts and reclassified to assets held for sale at estimated net realizable value. Any excess of previous net book value over estimated net realizable value is charged to impairment expense. Also, we may sell or recycle assets at various times for various reasons including obsolescence that are not subject to a plan for disposal. We record gains and losses on these sales as they occur.

 

We consider the valuation approach for our assets held for sale to be a Level 3 fair value measurement due to the level of estimation involved in valuing assets to be recycled or sold. We estimate the net realizable value of our assets held for sale using various methodologies including third party appraisals, sales comparisons, sales agreements and recycle yard tonnage prices. Estimates generally fall in ranges rather than exact numbers due to the nature of sales of offshore vessels and industry conditions. Our value ranges depend on our expectation of the ultimate disposition of the vessel. We will in all circumstances attempt to achieve maximum value for our vessels, but also recognize that certain vessels are more likely to be recycled, especially given the time and effort required to achieve a sale and the costs incurred to maintain a vessel while searching for a buyer. We establish ranges that in many cases have the recycling value as the low end of the range and an expected open market sale value at the top of the range.

 

When there is no expectation within the range that is considered more likely than any other, we apply equal probability weighting to the low and high ends of the valuation range. In addition, in conjunction with the reactivation of vessels from assets held for sale to the active fleet and the concurrent valuation of such vessels at fair value, we may recapture impairment previously charged to expense related to those vessels. We do not separate our asset impairment expense by segment because of the significant movement of our assets between segments.

 

Please refer to Note (8) - “Assets Held for Sale, Asset Sales and Asset Impairments” for a discussion of our evaluations of long-lived assets for impairment during the years ended December 31, 2024, 2023 and 2022.

 

Accrued Property and Liability Losses

 

Our insurance coverage is provided by third party insurers. We establish case-based reserves for estimates of reported losses on outstanding claims, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to our vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected.

 

Pension Benefits

 

We follow the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 715, Compensation – Retirement Benefits, and use a December 31 measurement date for determining net periodic benefit costs, benefit obligations and the fair value of plan assets. Net periodic pension costs and accumulated benefit obligations are determined using several assumptions including the discount rates used to measure future obligations and expenses, retirement ages, mortality rates, expected long-term return on plan assets, and other assumptions, all of which have a significant impact on the amounts reported.

 

Our pension cost consists of interest costs, expected returns on plan assets, and actuarial gains and losses. We consider various factors in developing pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in retirement benefits, analyses of current market conditions and input from actuaries and other consultants.

 

For the long-term rate of return, we developed assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate reflect the theoretical rate at which liabilities could be settled in the bond market at  December 31, 2024.

 

Income Taxes

 

Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are not provided on undistributed earnings of certain non-U.S. subsidiaries and business ventures because we consider those earnings to be permanently invested abroad.

 

We record uncertain tax positions on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions would be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The recognition and measurement of tax liabilities for uncertain tax positions in any tax jurisdiction requires the interpretation of the related tax laws and regulations as well as the use of estimates and assumptions regarding significant future events. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes during any given year.

 

 

Revenue Recognition

 

Our primary source of revenue derives from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer-term contracts at times include escalation clauses to recover specific additional costs.

 

Operating Costs

 

Vessel operating costs consist primarily of costs such as crew wages; repair and maintenance; insurance; fuel, lube oil and supplies; and other vessel expenses, which include costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major repairs carried out during drydockings, which occur during the economic useful life of the vessel. Vessel operating costs, excluding drydocking cost, are recognized as incurred.

 

Foreign Currency Translation

 

The U.S. dollar is the functional currency for all our existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations.

 

Earnings Per Share

 

We report both basic earnings (loss) per share and diluted earnings (loss) per share. The calculation of basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings (loss) per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans as well as our outstanding warrants. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis.

 

The components of basic and diluted earnings (loss) per share, are as follows:

 

(In Thousands, except per share data)

 

Year Ended December 31,

 
  2024  2023  2022 

Net income (loss) available to common stockholders

 $180,656  $97,185  $(21,749)

Weighted average outstanding shares of common stock, basic

  52,452   51,591   44,132 

Dilutive effect of options, warrants and stock awards

  619   1,346   — 

Weighted average common stock and equivalents

  53,071   52,937   44,132 
             

Income (loss) per share, basic

 $3.44  $1.88  $(0.49)

Income (loss) per share, diluted

 $3.40  $1.84  $(0.49)
             

Additional information:

            

Incremental "in-the-money" options, warrants, and restricted stock units outstanding at the end of the period

  856   1,674   1,863 

 

Concentrations of Credit Risk and Allowance for Credit Losses

 

Our financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may at times require prepayments or other forms of collateral.

 

 

We maintain an allowance for credit loss based on expected collectability and do not believe we are generally exposed to concentrations of credit risk that are likely to have a material adverse impact on our financial position, results of operations, or cash flows. Expected credit losses are recognized on the initial recognition of our trade accounts receivable. In each subsequent reporting period, even if a loss has not yet been incurred, credit losses are recognized based on the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. We developed an expected credit loss model applicable to our trade accounts receivable and contract assets that considers our historical performance and the economic environment, as well as the credit risk and its expected development for each group of customers that share similar risk characteristics. It is our practice to write off receivables when all legal options for collection have been exhausted.

 

Activity in the allowance for credit losses for the three years ended December 31, 2024 is as follows:

 

  

Trade

 

(In Thousands)

 

and

 
  

Other Receivables

 

Balance at January 1, 2022

 $74,404 

Current period provision for expected credit losses

  414 

Acquisition of Sonatide joint venture

  (59,678)

Other

  (1,080)

Balance at December 31, 2022

 $14,060 

Current period provision for expected credit losses

  3,305 

Write offs

  (1,484)

Recoveries

  490 

Other

  (457)

Balance at December 31, 2023

 $15,914 

Current period credit for expected credit losses

  (1,430)

Write offs (A)

  (10,969)

Other

  (331)

Balance at December 31, 2024

 $3,184 

 

(A)

Primarily the write off of the remaining balance due from our Nigerian joint venture.

 

Stock-Based Compensation

 

Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based option awards. The fair value of time based stock awards is the stock price on the grant date of the award. We use a Monte Carlo simulation model to determine the fair value of stock-based performance awards that contain market conditions.

 

Comprehensive Income (Loss)

 

We report total comprehensive income (loss) and its components. Accumulated other comprehensive income (loss) is comprised of any minimum pension liability for our U.S. Defined Benefits Pension Plans and an unrealized gain (loss) on a note receivable.

 

Fair Value Measurements

 

We follow the provisions of ASC 820, for financial assets and liabilities that are measured and reported at fair value on a recurring basis. ASC 820 establishes a hierarchy for inputs used in measuring fair value. Fair value is calculated based on assumptions that market participants would use in pricing assets and liabilities and not on assumptions specific to the entity. The statement requires that each asset and liability carried at fair value be classified into one of the following categories:

 

Level 1: Quoted market prices in active markets for identical assets or liabilities

 

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

 

Level 3: Unobservable inputs that are not corroborated by market data

 

 

Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values.

 

Our cash equivalents, which are securities with maturities less than three months, are held in commercial paper, money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio.

 

In the second quarter of 2022, we exchanged $8.6 million in accounts receivable with PEMEX, the Mexican national oil company, for an equal face value amount of seven-year 8.75% PEMEX corporate bonds (PEMEX Bonds). In 2024, $8.0 million of the PEMEX Bonds were sold at their approximate book value. The PEMEX Bonds are classified as “available for sale.” As of December 31, 2024 and 2023, we have recorded zero and $(0.3) million, respectively, in mark-to-market gains (losses) related to the fair value (Level 2) of the PEMEX Bonds in other comprehensive income. The remaining PEMEX Bonds are valued at $0.7 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value, as of December 31, 2024.

 

In addition, we disclose the fair value of our long-term debt (Level 2) in Note (4).

 

Governmental Assistance

 

During 2024, we received the following governmental assistance:

 ●$11.8 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations.

 

During 2023, we received the following governmental assistance:

 

●

$6.1 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations.

 

Recently Adopted Accounting Pronouncements 

 

From time-to-time new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) that we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption.

 

In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends Topic 805, Business Combinations to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The guidance is effective for annual and interim periods beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2023 and it did not have any impact on our consolidated financial statements and related disclosures.

 

In September 2022, the FASB issued ASU 2022-04, Disclosures of Supplier Finance Program Obligations, which requires disclosures about supplier finance programs including the nature of the program, activity during the period, changes from period to period and potential magnitude. The guidance is effective for annual periods beginning after December 15, 2022, with early adoption permitted. We adopted this standard on January 1, 2023, and it did not have any impact on our consolidated financial statements and related disclosures.

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting, which requires disclosure of incremental segment information on an annual and interim basis including significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We adopted this standard on December 31, 2024 and we have included the required disclosures in Note 14 for the three years ending December 31, 2024.

 

 

Recently Issued Accounting Standards Not Yet Adopted

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes, which requires a greater disaggregation of information in the income tax rate reconciliation and income taxes paid by jurisdiction to improve the transparency of the income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures to improve disclosures about certain types of expenses including purchases of inventory, employee compensation and depreciation, depletion and amortization included in commonly presented captions in the Consolidation Statements of Operations. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.

 

 
v3.25.0.1
Note 2 - Acquisitions
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

(2)     ACQUISITIONS

 

Acquisition of Solstad Vessels 

 

On March 7, 2023, we entered into an Agreement for the Sale and Purchase of Vessels, Charter Parties and Other Assets, which was amended on June 30, 2023 (the Acquisition Agreement), with certain subsidiaries of Solstad Offshore ASA, a Norwegian public limited company (collectively, the Sellers), pursuant to which we agreed to acquire from the Sellers (the Solstad Acquisition): (i) 37 platform supply vessels owned by the Sellers (the Solstad Vessels); and (ii) the charter parties governing certain of the Solstad Vessels. On July 5, 2023, we completed the Solstad Acquisition for an aggregate cash purchase price of approximately $594.2 million, consisting of the $577.0 million base purchase price plus an initial $3.0 million purchase price adjustment; $3.2 million for working capital items comprised of fuel and lubricants; and $11.0 million in estimated transaction costs, consisting primarily of advisory and legal fees. The purchase price was funded through a combination of cash on hand and net proceeds from both the Senior Secured Term Loan and the 10.375% Senior Unsecured Notes due July 2028. See “Note (4) Debt” for additional disclosure on these debt instruments.

 

We have determined that, under the provisions of FASB Accounting Standard Codification (ASC) 805, substantially all of the fair value of the gross assets acquired is concentrated in similar identifiable assets and accordingly, the Solstad Acquisition is considered an asset acquisition. As a result, the assets acquired and liabilities assumed are measured at cost, which consists of the amount of cash paid and direct transaction costs. The cost of a group of assets acquired in an asset acquisition are allocated to the individual assets acquired or liabilities assumed based on their relative fair values and does not give rise to goodwill.

 

As of July 5, 2023, the cost of the asset acquisition was allocated to the following individual assets acquired and liabilities assumed based on their relative fair values.

 

(In Thousands)

    
     
     
  

Estimated Fair Value

 
     

Marine operating supplies

 $1,891 

Net properties and equipment

  601,000 

Total assets

  602,891 
     
     

Other current liabilities (A)

  8,600 

Other liabilities (A)

  1,400 

Total liabilities

  10,000 
     

Net assets acquired

 $592,891 
     

Costs and expenses

    

Vessel operating costs (B)

  1,300 
     

Purchase consideration

 $594,191 

 

 

(A)

Current and long-term liabilities related to certain existing charter contracts accompanying the acquired Solstad Vessels that are below current market rates. These liabilities will be ratably amortized into revenue over the life of the related contracts.

(B)

The working capital adjustment included $1.3 million for lubricants which are expensed by Tidewater.

 

 

Acquisition of Swire Pacific Offshore Holdings Ltd.

 

On April 22, 2022 (Closing Date), we acquired Swire Pacific Offshore Holdings Ltd., a limited company organized under the laws of Bermuda (SPO), which owns 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East. On the Closing Date, we paid $42.0 million in cash and issued 8,100,000 warrants, each of which was exercisable at $0.001 per share for one share of our common stock (SPO Acquisition Warrants). In addition, we paid $19.6 million at closing and received an $8.8 million post-closing working capital refund related to pre-closing working capital adjustments, for a total consideration of $215.5 million. Our consolidated statements of operations from the Closing Date through December 31, 2022, include SPO revenues and net earnings of $149.7 million and $14.8 million, respectively.

 

Assets acquired and liabilities assumed in the business combination were recorded at their estimated fair values as of the Closing Date under the acquisition method of accounting. The final fair value estimates below were subject to adjustment during the measurement period subsequent to the Closing Date, primarily consisting of the final valuation for various working capital items, tax and other liabilities existing on the Closing Date. During the third quarter of 2022, we agreed to a final working capital adjustment and received an $8.8 million refund which was $8.0 million higher than originally estimated in the provisional amounts we assigned to the SPO assets acquired and liabilities assumed. As a result, we adjusted the purchase price allocation accordingly. The estimated fair values of certain assets and liabilities including long-lived assets and contingencies require judgment and assumptions. We initially classified the SPO Acquisition Warrants issued in the acquisition as liabilities subject to mark-to-market fair value adjustment, however in connection with an amendment to the acquisition agreement, we reclassified the warrants as equity on June 24, 2022. See Note (11) for additional details regarding the initial accounting for the SPO Acquisition Warrants and the accounting subsequent to the amendment.

 

The following recorded fair value amounts for the assets acquired and liabilities assumed are final, with no material measurement period adjustments made during the year 2023:

 

(In Thousands)

    
     

Assets

    

Cash

 $33,152 

Trade and other receivables

  64,621 

Marine operating supplies

  5,122 

Assets held for sale

  2,500 

Prepaid expenses and other current assets

  4,174 

Net properties and equipment

  174,415 

Indemnification assets (A)

  32,279 

Other assets

  1,153 

Total assets

  317,416 
     

Liabilities

    

Accounts payable

  1,594 

Accrued expenses

  54,924 

Other current liabilities

  28,511 

Other liabilities

  16,886 

Total liabilities

  101,915 
     

Net assets acquired

 $215,501 

 

 

(A)

Consists primarily of tax liabilities existing at the Closing Date that are recorded in other current liabilities and other liabilities.

 

Business combination related costs were expensed as incurred in general and administrative expense and consist of various advisory, legal, accounting, valuation and other professional fees totaling $0.1 million, $3.0 million and $18.8 million for the years ended  December 31, 2024, 2023 and 2022, respectively.

  

Property and equipment acquired in the business combination consisted primarily of offshore support vessels. We recorded property and equipment acquired at an estimated fair value of approximately $174.4 million. The fair values of the offshore support vessels were estimated by applying both an income approach, using projected discounted cash flows, and a replacement cost approach. Assumptions utilized in the valuation included expected day rates, utilization, discount rate, tax rate, economic obsolescence factors, operating costs, useful lives, and cost saving synergies from the operation of the Company and Swire as a single fleet. We estimate that the remaining useful lives for the vessels acquired fall in the range of one to 16 years, based on an original estimated useful life of 20 years. No goodwill was recognized in connection with this business combination.

 

The unaudited supplemental pro forma results present consolidated information as if the business combination were completed on January 1, 2021. The pro forma results include, among others, (i) a reduction in depreciation expense for adjustments to property and equipment and (ii) the reversal of any income or expense related to assets retained by the seller and SPO’s former parent, Banyan Overseas Limited, a limited company organized under the laws of Bermuda (Banyan). The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the business combination.

 

(In Thousands)

    
     
  

Year ended

 
  

December 31, 2022

 
     

Revenues

 $714,783 
     

Net loss

  (22,899)

 

Sonatide (Angola)

 

Prior to 2022, we participated in a joint venture in Angola (Sonatide) where we owned 49% of the joint venture and our partner Sonangol Holdings, LDA (Sonangol) owned 51%. In January 2022, we acquired the 51% equity interest in Sonatide owned by Sonangol, pursuant to a Sale and Purchase Agreement between Sonangol and us for $11.2 million in cash. This acquisition gave us complete control of our operations in Angola.

 

The acquisition date was January 3, 2022 (Sonatide Closing Date). However, we used a convenience date of January 1, 2022 for the acquisition and recorded activity from the beginning of the year. Revenues and net losses of Sonatide from the Sonatide Closing Date included in our consolidated statements of operations were $2.3 million and $0.8 million for the year ended December 31, 2022, respectively.

 

Assets acquired and liabilities assumed in the business combination have been recorded at their estimated fair values as of the Sonatide Closing Date under the acquisition method of accounting. No adjustments have been made to the initial fair values assigned and we have finalized the fair values of the assets acquired and liabilities assumed.

 

The amounts for assets acquired and liabilities assumed are based on estimates of their fair values as of the Sonatide Closing Date and were as follows:

 

(In Thousands)

    
     

Assets

    

Current assets

 $12,894 

Net properties and equipment and other assets

  2,907 

Total assets

  15,801 

Liabilities

    

Current liabilities

  283 

Other liabilities

  2,995 

Total liabilities

  3,278 
     

Net assets acquired

  11,223 

Bargain purchase gain

 $1,300 

 

 

The bargain purchase gain of $1.3 million is included in our consolidated statement of operations for the year ended December 31, 2022 under the caption “Interest income and other, net.” Business combination related costs were expensed as incurred in general and administrative expense and consisted of various advisory, legal, accounting, valuation and other professional fees which were not material to our consolidated results of operations for the years ended December 31, 2024, 2023 and 2022. 

 
v3.25.0.1
Note 3 - Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

(3)     REVENUE RECOGNITION

 

Our primary source of revenue is derived from charter contracts for which we provide a vessel and crew on a rate per day of service basis. Services provided under respective charter contracts represent a single performance obligation satisfied over time and are comprised of a series of time increments; therefore, vessel revenues are recognized daily throughout the contract period. There are no material differences in the cost structure of our contracts because operating costs are generally the same without regard to the length of a contract. Customers are typically billed on a monthly basis for day rate services and payment terms are generally 30 to 60 days.

 

Occasionally, customers pay additional lump-sum fees to us in order to either mobilize a vessel to a new location prior to the start of a charter contract or demobilize the vessel at the end of a charter contract. Mobilizations are not a separate performance obligation; thus, we have determined that mobilization fees are a component of the vessel’s charter contract. As such, we defer lump-sum mobilization fees as a liability and recognize such fees as revenue consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of the vessel’s respective charter. Lump-sum demobilization revenue expected to be received upon contract termination is deferred as an asset and recognized ratably as revenue only in circumstances where the receipt of the demobilization fee at the end of the contract can be estimated and there is a high degree of certainty that collection will occur.

 

Customers also occasionally reimburse us for modifications to vessels in order to meet contractual requirements. These vessel modifications are not considered a separate performance obligation of the vessel’s charter; thus, we record a liability for lump-sum payments made by customers for vessel modification and recognize it as revenue consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of the vessel’s respective charter.

 

Total revenue is determined for each individual contract by estimating both fixed (mobilization, demobilization and vessel modifications) and variable (day rate services) consideration expected to be earned over the contract term.

 

Costs associated with customer-directed mobilizations and reimbursed modifications to vessels are considered costs of fulfilling a charter contract and are expected to be recovered. Mobilization costs such as crew, travel, fuel, port fees, temporary importation fees and other costs are deferred as an asset and amortized as other vessel operating expenses consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. Costs incurred for modifications to vessels in order to meet contractual requirements are capitalized as a fixed asset and depreciated either over the term of the respective charter contract or over the remaining estimated useful life of the vessel in instances where the modification is a permanent upgrade to the vessel and enhances its usefulness.

 

Refer to Note (14) for revenue by segment and in total for the worldwide fleet.

 

Contract Balances

 

Trade accounts receivable are recognized when revenue is earned and collectible. Contract assets include pre-contract costs, primarily related to vessel mobilizations, which have been deferred and will be amortized as other vessel expenses consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. Contract liabilities include payments received for mobilizations or reimbursable vessel modifications to be recognized consistent with the pattern of revenue recognition primarily on a straight-line basis over the term of such vessel’s charter. At December 31, 2024, we had $1.1 million and $0.6 million of deferred mobilization costs included with prepaid expenses and other current assets and other assets, respectively, and we have $9.4 million and $2.1 million of deferred mobilization revenue related to unsatisfied performance obligations included within other current liabilities and other liabilities, which will be recognized during the next three years. At  December 31, 2023, we had $5.4 million and $2.9 million of deferred mobilization costs included with prepaid expenses and other current assets and other assets, respectively, and we have $5.0 million and $1.8 million of deferred mobilization revenue related to unsatisfied performance obligations included within other current liabilities and other liabilities all of which will be recognized during the next three years.

 

During the year ended December 31, 2024, the amount of revenue recognized that was included in deferred mobilization revenue at the beginning of the period was $3.8 million. The amount of revenue recognized in prior years was immaterial.

 
v3.25.0.1
Note 4 - Debt
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

(4)     DEBT

 

The following table summarizes debt outstanding based on stated maturities:

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Senior bonds:

        

Senior Secured Term Loan

 $212,500  $312,500 

10.375% Senior Unsecured Notes due July 2028

  250,000   250,000 

8.50% Senior Secured Bonds due November 2026

  175,000   175,000 

Vessel Facility Agreements

  10,387   14,151 
   647,887   751,651 

Debt discount and issuance costs

  (10,791)  (17,213)

Less: Current portion of long-term debt

  (65,386)  (103,077)

Total long-term debt

 $571,710  $631,361 

 

Senior Secured Term Loan

 

Tidewater entered into a Credit Agreement, by and among Tidewater, as parent guarantor, TDW International Vessels (Unrestricted), LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (TDW International), as borrower, certain other unrestricted subsidiaries of Tidewater, as other security parties, the lenders party thereto, DNB Bank ASA, New York Branch (DNB Bank), as facility agent and DNB Markets, Inc. (DNB Markets), as bookrunner and mandated lead arranger (Credit Agreement), which was fully drawn on  July 5, 2023, in a single advance of $325.0 million yielding net proceeds of approximately $318.3 million, which were used to fund a portion of the purchase price for the Solstad Acquisition.

 

The Senior Secured Term Loan is composed of a $100.0 million Tranche A loan and a $225.0 million Tranche B loan, each maturing on July 5, 2026. $50.0 million of the Tranche A loan was paid in July 2024, with the remaining $50.0 million due at maturity. The Tranche B loan amortizes over the three-year term of the Senior Secured Term Loan, with quarterly payments ranging from $12.5 million to $25.0 million and a final payment of $50.0 million due at maturity. The Tranche A loan bears interest at the Secured Overnight Financing Rate (SOFR) plus 5% initially, increasing to 8% over the term of the Term Loan. The Tranche B loan bears interest at SOFR plus 3.75%. The Tranche A loan and the Tranche B loan may each be prepaid without premium or penalty. The security for the Senior Secured Term Loan includes mortgages over the Solstad Vessels and associated assignments of insurances and assignments of earnings in respect of such vessels, a pledge of 100% of the equity interests in TDW International, a pledge of 66% of the equity interests in TDW International Unrestricted, Inc., an indirect wholly owned subsidiary of the Company, and negative pledges over certain vessels indirectly owned by TDW International Unrestricted, Inc. The obligations of the borrower are guaranteed by Tidewater, subject to a cap equal to 50% of the purchase price for the Solstad Acquisition.

 

The Credit Agreement contains three financial covenants: (i) a minimum free liquidity test equal to the greater of $20.0 million or 10% of net interest-bearing debt, (ii) a minimum equity ratio of 30%, in each case for us and our consolidated subsidiaries and (iii) an interest coverage ratio of not less than 2:1. The Credit Agreement contains certain equity cure rights with respect to such financial covenants. The Credit Agreement also includes (i) customary vessel management and insurance covenants in the vessel mortgages, (ii) negative covenants, and (iii) certain customary events of default. We are currently in compliance with all of these financial covenants.

 

As of  December 31, 2024 and 2023, the fair value of the Senior Secured Term Loan was $218.2 million and $313.7 million, respectively. This Level 3 fair value is determined using a discounted cash flow model.

 

10.375% Senior Unsecured Notes due July 2028

 

On July 3, 2023, Tidewater completed an offering of $250.0 million aggregate principal amount of senior unsecured bonds in the Nordic bond market (Senior Unsecured Notes). The bonds were privately placed, at an issue price of 99%, outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended. We used the net proceeds from the offering of approximately $243.1 million to fund a portion of the purchase price of the Solstad Acquisition.

 

 

The Senior Unsecured Notes were issued pursuant to the Bond Terms, dated as of June 30, 2023 (Bond Terms), between the Nordic Trustee AS, as Bond Trustee and us. The Senior Unsecured Notes are listed on the Nordic ABM. The Senior Unsecured Notes are senior unsecured obligations and are not guaranteed by any of our subsidiaries.

 

The Senior Unsecured Notes mature on July 3, 2028. Interest on the Senior Unsecured Notes accrue at a rate of 10.375% per annum payable semi-annually in arrears in January and July of each year in cash, beginning January, 2024. Prepayment of the Senior Unsecured Notes prior to July, 2025 requires the payment of make-whole amounts, and prepayments after that date are subject to prepayment premiums that decline over time.

 

The Senior Unsecured Notes contain two financial covenants: (i) a minimum free liquidity test equal to the greater of $20.0 million and 10% of net interest-bearing debt, and (ii) a minimum equity ratio of 30%. The Bond Terms also contain certain equity cure rights with respect to such financial covenants. Our ability to make certain distributions to our stockholders after November 16, 2023, is subject to certain limits and tests, including in some circumstances a minimum liquidity test and a maximum net leverage ratio. The Senior Unsecured Notes are also subject to negative covenants as set forth in the Bond Terms. The Bond Terms contain certain customary events of default, including, among other things: (i) default in the payment of any amount when due; (ii) default in the performance or breach of any other covenant in the Bond Terms, which default continues uncured for a period of 20 business days; and (iii) certain voluntary or involuntary events of bankruptcy, insolvency or reorganization. We are currently in compliance with all of the financial covenants.

 

As of December 31, 2024 and 2023, the fair value (Level 1) of the Senior Unsecured Notes due July 2028 was $266.1 million and $260.2 million, respectively. The fair value is obtained from public transaction activity on the Nordic ABM exchange (XOAM).

 

8.5% Senior Secured Bonds due November 2026 (the 2026 Notes)

 

On November 16, 2021, we completed an offering of $175.0 million aggregate principal amount of the 2026 Notes. The bonds were privately placed at an issue price of 98.5%. We used the net proceeds from the offering (i) to redeem our 8% Senior Secured Notes due 2022, (ii) to discharge our Troms offshore debt and (iii) for general corporate purposes.

 

The 2026 Notes were issued pursuant to the Bond Terms, dated as of November 15, 2021 (Bond Terms), among us and Nordic Trustee AS, as Bond Trustee and Security Agent. Repayment of the 2026 Notes is guaranteed by our wholly-owned US subsidiaries named as guarantors therein (the Guarantors).

 

The 2026 Notes are secured by (i) a mortgage over each vessel owned by a Guarantor, the equipment that is a part of such vessel, and related rights to insurance on all of the foregoing, (ii) our intercompany claims of a Guarantor against a Restricted Group Company (defined as the Company, GulfMark Oceans, L.P. (GOLP), Tidewater Marine International, Inc. (TMII) and the Guarantors), (iii) bank accounts that contain vessel collateral proceeds or the periodic deposits to the debt service reserve account, (iv) collateral assignments of the rights of each Guarantor under certain long term charter contracts now existing or hereafter arising, and (v) all of the equity interests of the Guarantors and 66% of the equity interests of each of GOLP and TMII.

 

The 2026 Notes mature on November 16, 2026. Interest on the 2026 Notes accrue at a rate of 8.5% per annum payable semi-annually in arrears in May and November of each year, beginning May 2022. Each month, we deposit into a debt service reserve account, an amount equal to one-sixth its next interest payment obligation which is classified as restricted cash on the balance sheet at December 31, 2024 and 2023. We have pledged this bank account to secure payment of the 2026 Notes. Prepayment of the 2026 Notes prior to May 2024 requires the payment of make-whole amounts, and prepayments after that date are subject to prepayment premiums that decline over time.

 

The 2026 Notes contain two financial covenants: (i) a minimum free liquidity test (of Guarantor liquidity) equal to the greater of $20.0 million or 10% of net interest-bearing debt, and (ii) a minimum equity ratio of 30%, in each case for us and our consolidated subsidiaries. The Bond Terms also contain certain equity cure rights with respect to such financial covenants. We are currently in compliance with these covenants. Our ability to make certain distributions to our stockholders was not allowed for the first two years and is currently subject to certain limits based on a percentage of net income and other tests, including in some circumstances a minimum liquidity test and a maximum net leverage ratio. The 2026 notes are also subject to (i) customary vessel management and insurance covenants in the vessel mortgages, and (ii) negative covenants as set forth in the Bond Terms and in the Guarantee Agreement between us, Nordic Trustee AS as Security Agent and the Guarantors. The Bond Terms also contains certain customary events of default.

 

As of December 31, 2024 and 2023, the fair value (Level 1) of the 2026 Notes was $180.8 million and $181.7 million, respectively. The fair value is obtained from public transaction activity on the XOAM.

 

Approximately $1.2 million of the amount in restricted cash on the condensed consolidated balance sheet at December 31, 2024, represents the pro rata amount due for our next semiannual interest payment obligation on the 2026 Notes.

 

Credit Facility Agreement

 

On November 16, 2021, we entered into a Super Senior Revolving Credit Facility Agreement (the Credit Facility Agreement) with DNB Bank ASA, New York Branch, as Facility Agent, and Nordic Trustee AS, as Security Trustee. The Credit Facility Agreement takes precedence over all other debt, if and when drawn.

 

The Credit Facility Agreement matures on November 16, 2026 and provides $25.0 million for general corporate purposes. All amounts owed under the Credit Facility Agreement are secured by the same collateral that secures the 2026 Notes, and such collateral is to be shared in accordance with the priorities established in the Intercreditor Agreement among the Facility Agent, the Company, certain subsidiaries thereof, Nordic Trustee AS and certain other parties. No amounts have been drawn on this credit facility.

 

Loans under the Credit Facility Agreement will bear interest, at our option, either at a rate based on the prime rate published in the Wall Street Journal, or at SOFR, plus 4% in either case.

 

The Credit Facility Agreement includes covenants and events of default that are substantially the same as those provided in the 2026 Notes, including covenants that limit liens, indebtedness, fundamental changes, dispositions, distributions, third party credit support, and transactions with affiliates. The Credit Facility Agreement also contains the same two financial covenants as are found in the 2026 Notes. The Credit Facility Agreement contains certain equity cure rights with respect to such financial covenants. The Credit Facility Agreement contains mandatory prepayment obligations if (i) the aggregate fair market value, determined by independent appraisal, of the vessel collateral is less than $75.0 million, or (ii) aggregate nominal amount of the outstanding 2026 Notes is less than $75.0 million.

 

Vessel Facility Agreements

 

We signed agreements for the construction of ten new vessels. Upon delivery of each vessel, we may enter into Facility Agreements to finance a portion of the construction and delivery costs. Four vessels have been delivered and we entered into Facility Agreements for approximately EUR13.9 million ($15.2 million) in financing. Each of the four Facility Agreements bear interest at rates ranging from 2.7% to 6.3% and are payable in ten equal principal semi-annual installments, with the first installment commencing six months following delivery of the vessel. The Facility Agreements are secured by the vessels, guaranteed by Tidewater as parent guarantor and contain no financial covenants. During January and February of 2025, we took delivery of five Alucat crew boats and recorded debt of approximately EUR 9.4 million ($9.7 million) with the Facility Agreement bearing interest at rates ranging from 5.2% to 5.4%.

 

Debt Costs

 

We capitalize a portion of our interest costs incurred on borrowed funds used to construct vessels. Interest and debt costs incurred are as follows:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Total interest and debt costs incurred

 $73,218  $48,742  $17,413 

Less: interest costs capitalized

  (251)  (270)  (224)

Total interest and debt costs

 $72,967  $48,472  $17,189 

 

The Company’s scheduled principal long-term maturities as of December 31, 2024, were as follows:

 

Maturity of long-term debt (In Thousands)

 

Total Due

 

2025

 $65,386 

2026

  327,903 

2027

  2,902 

2028

  251,696 

Total

 $647,887 

 
v3.25.0.1
Note 5 - Investment in Unconsolidated Affiliates
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]

(5)

INVESTMENT IN UNCONSOLIDATED AFFILIATES

 

 Amounts due from DTDW

 

We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. We have not operated any company owned vessels in Nigeria since early 2020.

 

In 2022, we entered into a netting arrangement with our partner allowing either partner to discharge their obligations by netting these amounts against sums owed by the other partner. In accordance with this agreement, we have the ability to net our due from affiliate balance against the due to affiliate balance on our consolidated balance sheet.

 
v3.25.0.1
Note 6 - Income Taxes
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

(6)

INCOME TAXES 

 

Income (losses) before income taxes derived from United States and non-U.S. operations are as follows:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Non-U.S.

 $262,012  $174,103  $41,408 

United States

  (32,524)  (35,174)  (43,715)
  $229,488  $138,929  $(2,307)

 

Income tax expense (benefit) consists of the following:

 

(In Thousands)

 

U.S.

       
  Federal  State  Non-U.S.  Total 

Year Ended December 31, 2022

                

Current

 $—  $8  $19,842  $19,850 

Deferred

  —   —   36   36 
  $—  $8  $19,878  $19,886 

Year Ended December 31, 2023

                

Current

 $—  $1  $43,215  $43,216 

Deferred

  —   —   92   92 
  $—  $1  $43,307  $43,308 

Year Ended December 31, 2024

                

Current

 $148  $11  $52,864  $53,023 

Deferred

  —   —   (2,807)  (2,807)
  $148  $11  $50,057  $50,216 

 

The actual income tax expense above differs from the amounts computed by applying the U.S. federal statutory tax rate of 21% to pre-tax loss as a result of the following:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Computed “expected” tax expense (benefit)

 $48,192  $29,175  $(484)

Increase (reduction) resulting from:

            

Foreign income taxed at different rates

  (50,669)  (35,088)  (7,240)

Uncertain tax positions (A)

  (787)  (1,401)  (7,885)

Nondeductible transaction costs

  (710)  (898)  5,410 

Valuation allowance - deferred tax assets (A)

  (28,040)  (83)  11,339 

Valuation allowance - deferred tax true-up

  (1,831)  390   (453)

Deferred tax true-up

  1,831   (390)  453 

Foreign taxes

  52,842   36,339   27,945 

Net GILTI Inclusion

  22,249   2,705   — 

Return to accrual

  4,500   (8,079)  (12,162)

Restructuring

  —   13,896   — 

Share based compensation

  (13,177)  (1,470)  — 

162(m) - Executive compensation

  11,995   2,107   552 

Subpart F income

  3,700   6,664   3,495 

Other, net

  121   (559)  (1,084)
  $50,216  $43,308  $19,886 

 

(A)

The above table reflects the net impact of changes to uncertain tax benefits and valuation allowance. Reductions in unrecognized tax benefits due to lapse of statute of limitations has been fully offset with an increase to valuation allowance.

 

 

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Deferred tax assets:

        

Accrued employee benefit plan costs

 $7,673  $6,678 

Stock based compensation

  3,178   1,838 

Net operating losses

  134,280   183,004 

Tax credit carryforwards

  413,873   413,089 

Disallowed business interest expense carryforward

  15,556   14,764 

Capital loss carryforward

  5,261   5,607 

Other

  4,273   7,195 

Gross deferred tax assets

  584,094   632,175 

Less valuation allowance

  (532,994)  (591,720)

Net deferred tax assets

  51,100   40,455 

Deferred tax liabilities:

        

Depreciation and amortization

  (45,856)  (40,294)

Outside basis difference deferred tax liability

  (2,891)  (2,891)

Foreign interest withholding tax

  (1,512)  (1,154)

Other

  (290)  1,628 

Gross deferred tax liabilities

  (50,549)  (42,711)

Net deferred tax assets (liabilities)

 $551  $(2,256)

 

As of December 31, 2024, the Company had U.S. federal net operating loss carryforwards of $216.5 million, which includes $70.1 million of net operating losses subject to an IRC Section 382 limitation. As of December 31, 2023, the Company had U.S. federal net operating loss carryforwards of $320.8 million, which includes $131.0 million of net operating losses subject to an IRC Section 382 limitation. We have U.S. net operating losses of $33.7 million that will begin expiring in 2035 and $182.8 million having indefinite carryforward periods. We have $406.4 million of U.S. foreign tax credits as of December 31, 2024 that will expire beginning in 2027. We have foreign net operating loss carryforwards of $377.0 million that will expire beginning in 2026 with many having indefinite carryforward periods. We have $7.4 million of non-U.S. foreign tax credits as of December 31, 2024.

 

IRC Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. Our emergence from Chapter 11 bankruptcy proceedings in 2017 is considered a change in ownership for purposes of IRC Section 382. The Company’s annual limitation under the IRC is approximately $15.0 million which is based on our value as of the ownership change date. In addition, the merger with GulfMark in 2018 resulted in a change in ownership of GulfMark for purposes of IRC Section 382. The GulfMark ownership change results in an annual limitation of approximately $5.6 million on GulfMark’s tax attributes generated prior to the ownership change date, which begin to expire in 2035. The Company has recorded a valuation allowance on the net operating loss balance as it believes that it is more likely than not that the deferred tax asset will not be realized.

 

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. 

 

 

Based on this evaluation, for the period ended December 31, 2024, a valuation allowance of $533.0 million was recorded against our net deferred tax asset. For the period ended December 31, 2023, a valuation allowance of $591.7 million was recorded against our net deferred tax asset. The decrease in the valuation allowance was primarily attributable to the current year utilization of U.S. net operating losses (NOLs) and the foreign currency revaluation for foreign NOLs. Our ability to utilize U.S. NOLs in the current year was primarily driven by activity in international jurisdictions that generated income subject to U.S. tax. Our ability to utilize U.S. NOLs in future periods is likely to be impacted by the extent to which we will generate such income in future periods which will be influenced by a variety of factors including the jurisdictions in which our vessels operate and the extent to which we are impacted by various global minimum tax initiatives that are adopted in those jurisdictions. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future U.S. and foreign taxable income during the carryforward period increased or if objective negative evidence in the form of cumulative losses in the U.S. is no longer present and additional weight is given to subjective evidence such as our projections for growth and/or tax planning strategies. If we conclude in a future period that certain deferred tax assets are realizable this could have a material impact on our effective tax rate.

 

We have not recognized a U.S. deferred tax liability associated with temporary differences related to investments in our non-U.S. holding companies as the Company does not intend to dispose of the stock of these companies. These differences relate primarily to stock basis differences attributable to factors other than earnings, given that any untaxed cumulative earnings were subject to taxation in the U.S. in 2017 in accordance with the Tax Act. Further, any post-2017 earnings of these subsidiaries will either be taxed currently for U.S. purposes or will be permanently exempt from U.S. taxation. It is not practicable to estimate the deferred tax liability associated with temporary differences related to investments in our non-U.S. holding companies due to the legal structure and complexity of U.S. and non-U.S. tax laws.

 

Historically, it has been the practice and intention of the Company to indefinitely reinvest the earnings of its non-U.S. subsidiaries. Considering the significant changes made by the Tax Act, the Company will no longer be indefinitely reinvested with regards to its non-U.S. earnings which can be repatriated free of taxation. However, the Company is indefinitely reinvested in the non-U.S. earnings that could be subject to taxation and no deferred taxes have been provided for such earnings. As of December 31, 2024, the non-U.S. positive unremitted earnings, for which the Company is indefinitely reinvested, are $220.3 million. It is not practicable for the Company to estimate the amount of taxes on positive unremitted earnings due to the legal structure and complexity of non-U.S. tax laws. The Company decides each period whether to indefinitely reinvest these earnings. If, as a result of these reassessments, the Company distributes these earnings in the future, additional tax liabilities could result.

 

We record uncertain tax positions on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The recognition and measurement of tax liabilities for uncertain tax positions in any tax jurisdiction requires the interpretation of the related tax laws and regulations as well as the use of estimates and assumptions regarding significant future events. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes during any given year.

 

Our balance sheet reflects the following in accordance with ASC 740:

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Tax liabilities for uncertain tax positions

 $24,582  $27,319 

Income tax payable

  30,069   30,909 

Income tax receivable

  5,396   3,354 

 

Included in the liability balances for uncertain tax positions above for the periods ending December 31, 2024 and 2023, are $9.4 million and $13.6 million of penalties and interest, respectively. Penalties and interest related to income tax liabilities are included in income tax expense. Income tax payable is included in other current liabilities.

 

 

A reconciliation of the beginning and ending amount of all unrecognized tax benefits, and the liability for uncertain tax positions (but excluding related penalties and interest) are as follows:

 

(In Thousands)

    
     

Balance at December 31, 2021

 $333,653 

Additions based on tax positions related to the current year

  744 

Additions based on tax positions related to a prior year

  10,155 

Settlement and lapse of statute of limitations

  (167,170)

Balance at December 31, 2022 (A)

 $177,382 

Additions based on tax positions related to the current year

  212 

Additions based on tax positions related to a prior year

  1,869 

Settlement and lapse of statute of limitations

  (165,065)

Reductions based on tax positions related to a prior year

  (712)

Balance at December 31, 2023

 $13,686 

Additions based on tax positions related to the current year

  5,909 

Additions based on tax positions related to a prior year

  53 

Settlement and lapse of statute of limitations

  (3,551)

Reductions based on tax positions related to a prior year

  (889)

Balance at December 31, 2024

 $15,208 

 

 

(A)

The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes.

 

It is reasonably possible that a decrease of $5.8 million in unrecognized tax benefits may be necessary within the coming year due to the lapse of statutes of limitations or audit settlements.

 

The amount of unrecognized tax benefits that, if recognized for tax purposes, would affect the effective tax rate are $21.0 million and $20.9 million as of December 31, 2024 and  December 31, 2023 respectively.

 

With limited exceptions, we are no longer subject to tax audits by U.S. federal, state, local or foreign taxing authorities for tax years prior to December 2020. We have ongoing examinations by various foreign tax authorities and do not believe that the results of these examinations will have a material adverse effect on our financial position or results of operations.

 

 
v3.25.0.1
Note 7 - Leases
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

(7)     LEASES

 

We have operating leases primarily for office space, temporary residences, automobiles and office equipment. Contracts containing assets that we benefit from and control are recognized on our balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognized lease expense for these leases on a straight-line basis over the lease term. We combine the lease and non-lease components for all lease agreements. Certain leases include one or more options to renew with renewal terms that can extend the lease term from one to twenty-six years. The exercise of lease renewal options is at our sole discretion and lease renewal options are not included in our lease terms if they are not reasonably certain to be exercised. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants or options to purchase the leased property. The amount of right of use assets and lease liabilities recorded on our Consolidated Balance Sheet at December 31, 2024 and 2023, respectively, are as follows.

 

Leases (In Thousands)

Classification

 

December 31, 2024

  

December 31, 2023

 

Assets:

         

Operating

Other assets

 $11,152  $7,212 

Liabilities:

         

Current

         

Operating

Other current liabilities

  4,904   1,793 

Noncurrent

         

Operating

Other liabilities

  5,914   5,302 

Total lease liabilities

 $10,818  $7,095 

 

Future payments to be made on our operating lease liabilities at December 31, 2024 will be as follows.

 

Maturity of lease liabilities (In Thousands)

 

Operating leases

 

2025

 $5,846 

2026

  1,898 

2027

  1,352 

2028

  987 

2029

  686 

After 2029

  1,606 

Total lease payments

  12,375 

Less: Interest

  (1,557)

Present value of lease liabilities

 $10,818 

 

As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

 

Lease costs included in general and administrative expense for the years ended  December 31, 2024, 2023 and 2022, respectively, are as follows.

 

(In Thousands)

  Year Ended  Year Ended  Year Ended 

Lease costs

Classification

 

December 31, 2024

  

December 31, 2023

  

December 31, 2022

 

Operating lease costs

General and administrative

 $1,699  $1,798  $1,485 

Short-term leases

General and administrative

  2,587   2,496   3,088 

Variable lease costs

General and administrative

  381   648   494 

Net lease cost

  $4,667  $4,942  $5,067 

 

 

 

Our weighted average remaining lease term and weighted average discount rate at December 31, 2024 is as follows.

 

Lease term and discount rate

 

December 31, 2024

 

Weighted average remaining lease term in years

  2.0 

Weighted average discount rate

  7.69%

 

The cash paid for operating leases included in operating cash flows and in the measurement of lease liabilities for the years ended  December 31, 2024, 2023 and 2022 was $3.5 million, $3.8 million and $2.4 million, respectively. Right of use assets obtained in exchange for operating lease obligations were $6.7 million, $3.1 million and $5.0 million, for the years ended  December 31, 2024, 2023 and 2022, respectively.

 
v3.25.0.1
Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Asset Impairment Charges [Text Block]
(8)ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIRMENTS

 

In 2019, we implemented a plan, amended in 2020, (the 2019/2020 plan) to sell or recycle certain of our vessels based on a strategic decision to remove assets that were not part of our long-term plans. During 2022, we sold or recycled 12 vessels that were classified as held for sale, added three vessels to held for sale under 2019/2020 plan, moved one vessel back into our active fleet and had eight vessels remaining in the held for sale account as of December 31, 2022. During 2023, we sold or recycled a total of eight of the vessels that were classified as held for sale. We completed the 2019/2020 plan and have no vessels remaining in the held for sale account as of December 31, 2024 and 2023.

 

We also sold six and seven vessels from our active fleet in 2024 and 2023, respectively. We realized proceeds from sales or recycling of vessels and other assets for the years ended  December 31, 2024, 2023 and 2022 of $19.3 million, $15.5 million and $13.6 million, respectively. 

 

See the following tables for additions and dispositions related to assets held for sale as well as net gains (losses) on sales of vessels.

 

Following is the activity in assets held for sale during the years ended December 31:

 

(In Thousands, except number of vessels)

  Number of Vessels   2024   Number of Vessels   2023   Number of Vessels   2022 
                         

Beginning balance

  —  $—   8  $4,195   18  $14,421 

Additions

  —   —   —   —   3   2,561 

Sales

  —   —   (8)  (4,195)  (12)  (11,287)

Reactivation

  —   —   —   —   (1)  (1,500)

Ending balance

  —  $—   —  $—   8  $4,195 

 

Following is the summary of vessel sales and the gains on sales of vessels for the years ended December 31:

 

(In Thousands, except number of vessels)

 

2024

  

2023

  

2022

 
             

Vessels sold from active fleet

  6   7   2 

Gain on sale of active vessels, net

 $15,677  $5,613  $553 
             

Vessels sold/recycled from assets held for sale

  —   8   12 

Gain on vessels sold/recycled from assets held for sale, net

 $—  $3,088  $5 

Total vessels sold/recycled

  6   15   14 

Total gain on sales of vessels, net

 $15,677  $8,701  $558 

 

In 2022, we recaptured $0.5 million of impairment expense related to vessels held for sale that we reactivated.

 

In conjunction with our review of conditions that would indicate potential impairment in the value of our assets, we identified certain obsolete marine service parts and supplies inventory and charged $1.2 million of impairment expense for the year ended  December 31, 2022. No impairment was recorded for the years ended December 31, 2024 and 2023. We considered this valuation approach to be a Level 3 fair value measurement due to the level of estimation involved in valuing obsolete inventory.

 

During the years ended  December 31, 2024, 2023 and 2022, we have not identified conditions or circumstances that would indicate impairment of any of our long-lived asset groups. We continue to monitor the expected future cash flows and the fair market value of our asset groups for impairment.

 

Please refer to Note (1) for a discussion of our accounting policy for accounting for the impairment of long-lived assets.

 
v3.25.0.1
Note 9 - Employee Retirement Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

(9)

EMPLOYEE RETIREMENT PLANS

 

Defined Benefit Pension Plan

 

We have a defined benefit pension plan (pension plan) that covers certain U.S. employees. On December 31, 2010, the pension plan was frozen and accrual of benefits was discontinued. We contributed $0.2 million to the plan in 2024, but did not contribute to the plan during the two years ended December 31, 2023. We intend to contribute to this plan in 2025, but the amount has not been determined.

 

During the second quarter of 2023, we entered into an agreement committing the pension plan to use a portion of its assets to purchase an annuity from an insurance company (Insurer) to transfer approximately $11.8 million of the pension plan’s pension liabilities. Under the terms of this agreement, we irrevocably transferred to the Insurer all future pension plan benefit obligations for approximately  500 Tidewater participants (Transferred Participants) effective in April 2023. This annuity transaction was funded entirely with existing pension plan assets. The Insurer assumed responsibility for administrative and customer service support of the pension plan, including distribution of payments to the Transferred Participants. We recognized a $1.8 million settlement gain in the second quarter of 2023 in connection with this transaction.
 
The pension plan was amended to allow active and terminated plan participants to elect a lump sum distribution for a defined period during 2023. Approximately 50 plan participants opted to take the lump sum distribution receiving total proceeds of $2.2 million funded entirely from pension plan assets. We recognized a $0.5 million settlement gain in the fourth quarter of 2023 in connection with this transaction.
 

Supplemental Executive Retirement Plan

 

We offered a non-contributory, defined benefit supplemental executive retirement plan (supplemental plan) that provides pension benefits to certain employees in excess of those allowed under our tax-qualified pension plan. The supplemental plan was closed to new participation in 2010 and was frozen effective January 1, 2018. We contributed $1.4 million, $1.6 million and $1.6 million for each of the years ended December 31, 2024, 2023 and 2022, respectively. Any future accrual of benefits under the supplemental plan or other contributions to the supplemental plan will be determined at our sole discretion.

 

Investment Strategies

 

U.S. Pension Plan

 

The obligations of our pension plan are supported by assets held in a trust for the payment of benefits. We are obligated to adequately fund the trust. For the pension plan assets, we have the following primary investment objectives: (1) closely match the cash flows from interest payments and maturities of the pension plan’s investments with the long-term financial obligations from the plan’s liabilities; and (2) enhance the pension plan’s investment returns without taking on undue risk by industries, maturities or geographies of the underlying investment holdings.

 

The pension plan portfolio is broadly diversified across equity, fixed income and alternative investments. The weightings of the equity portfolio will follow the MSCI All County World Index. The fixed income portion of the pension plan will allocate at least 75% of assets to investment-grade bonds. Alternative investments are allowed to be made. Low-liquidity alternative assets are also permitted but will have an overall target of less than 25% of the asset allocation.

 

The cash flow requirements of the pension plan are analyzed at least annually. The pension plan does not invest in Tidewater stock.

 

Our policy for the pension plan is to contribute no less than the minimum required contribution by law and no more than the maximum deductible amount. The pension plan assets are periodically evaluated for concentration risks.

 

 

U.S. Pension Plan Asset Allocations

 

The following table provides the actual asset allocations for the pension plan:

 

  

Actual as of

  

Actual as of

 
  

December 31, 2024

  

December 31, 2023

 

U.S. Pension plan:

        

Cash

  2%  3%

Alternative securities

  9%  18%

Debt securities

  40%  33%

Equity securities

  49%  46%

Total

  100%  100%

 

Fair Value of Pension Plans Assets

 

Tidewater’s pension plan assets are accounted for at fair value and are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement, except for investments for which fair value is measured using the net asset value per share expedient.

 

The following table provides the fair value hierarchy for our domestic pension plan measured at fair value as of December 31, 2024:

 

      

Quoted prices in

  

Significant

  

Significant

     
      

active

  

observable

  

unobservable

  

Measured at

 

(In Thousands)

    

markets

  

inputs

  

inputs

  

Net Asset

 
  Fair Value  (Level 1)  (Level 2)  (Level 3)  Value 

Pension plan measured at fair value:

                    

Equity securities

 $14,927  $14,927  $—  $—  $— 

Debt securities

  11,962   2,192   9,770   —   — 

Alternative securities

  2,631   —   —   2,631   — 

Cash and cash equivalents

  734   —   734   —   — 

Total fair value of pension plan assets

 $30,254  $17,119  $10,504  $2,631  $— 

 

 

The fair value hierarchy for the pension plans assets measured at fair value as of December 31, 2023, are as follows:

 

      

Quoted prices in

  

Significant

  

Significant

     
      

active

  

observable

  

unobservable

  

Measured at

 

(In Thousands)

    

markets

  

inputs

  

inputs

  

Net Asset

 
  Fair Value  (Level 1)  (Level 2)  (Level 3)  Value 

Pension plan measured at fair value:

                    

Equity securities

 $14,269  $14,212  $57  $—  $— 

Debt securities

  10,058   296   9,762   —   — 

Alternative securities

  5,504   —   —   5,504   — 

Cash and cash equivalents

  1,012   —   1,012   —   — 

Total fair value of pension plan assets

 $30,843  $14,508  $10,831  $5,504  $— 

 

In 2024 and 2023, the pension plan purchased $0.2 million and $3.0 million, respectively, in assets classified as Level 3 securities under the fair value hierarchy. Additionally, in 2024 the pension plan sold $2.9 million in assets classified as Level 3 securities under the fair value hierarchy. The fair value of these investments was determined by nationally recognized, independent valuation firms.

 

 

Plan Assets and Obligations

 

Changes in combined plan assets and obligations and the funded status of the U.S. defined benefit pension plan and the supplemental plan (Pension Benefits), are as follows:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Change in benefit obligation:

            

Benefit obligation at beginning of the period

 $50,097  $64,273  $84,308 

Interest cost

  2,572   2,873   2,313 

Benefits paid

  (4,371)  (5,104)  (5,667)

Actuarial (gain) loss (A)

  (250)  1,916   (16,681)

Settlement

  —   (13,861)  — 

Benefit obligation at end of the period

 $48,048  $50,097  $64,273 

Change in plan assets:

            

Fair value of plan assets at beginning of the period

 $30,843  $45,378  $56,779 

Actual return

  2,184   2,827   (7,337)

Employer contributions

  1,599   1,603   1,603 

Benefits paid

  (4,371)  (5,104)  (5,667)

Settlement

  —   (13,861)  — 

Fair value of plan assets at end of the period

  30,255   30,843   45,378 

Unfunded status at end of the period

 $(17,793) $(19,254) $(18,895)

Net amount recognized in the balance sheet consists of:

            

Current liabilities

 $(1,567) $(1,572) $(1,575)

Noncurrent liabilities

  (16,226)  (17,682)  (17,320)

Net amount recognized

 $(17,793) $(19,254) $(18,895)

 

     (A) The change in the actuarial (gain) loss for the three years ended December 31, 2024 was primarily attributable to changes in the discount rate.

 

The following table provides combined information for pension plans with an accumulated benefit obligation in excess of plan assets (includes both the pension plans and supplemental plan):

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Projected and accumulated benefit obligation

 $48,048  $50,097 

Fair value of plan assets

  30,255   30,843 

 

Net periodic combined benefit cost for the pension plans and the supplemental plan includes the following components:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Interest cost

 $2,572  $2,873  $2,313 

Expected return on plan assets

  (1,828)  (2,111)  (3,006)

Amortization of net actuarial gains (losses)

  (94)  (146)  63 

Settlement/curtailment gain

  —   (2,177)  — 

Net periodic pension cost (benefit)

 $650  $(1,561) $(630)

 

The components of the net periodic combined pension cost are included in the caption “Interest income and other, net.” 

 

 

Other changes in combined plan assets and benefit obligations recognized in other comprehensive (income) loss include the following components:

 

  

Pension Benefits

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Total net (gain) loss recognized in other comprehensive (income) loss

 $(511) $3,522  $(6,404)

 

We do not expect to recognize any unrecognized actuarial (loss) gain or unrecognized prior service credit (cost) as a component of net periodic benefit costs during the next year.

 

Discount rates of 5.65% and 5.25% were used to determine net benefit obligations as of December 2024 and 2023, respectively.

 

Assumptions used to determine net periodic benefit costs are as follows:

 

  

Pension Benefits

 
  

2024

  

2023

 

Discount rate

  5.3%  5.5%

Expected long-term rate of return on assets

  6.3%  6.4%

 

To develop the expected long-term rate of return on assets assumption, we considered the current level of expected returns on various asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected return on plan assets assumption for the portfolio.

 

Based upon the assumptions used to measure our qualified pension benefit obligations at December 31, 2024, we expect that the combined benefits for the pension and the supplemental plan to be paid over the next ten years will be as follows:

 

  

Pension

 

Year ending December 31, (In Thousands)

 

Benefits

 
2025 $4,762 
2026  4,655 
2027  4,552 
2028  4,439 
2029  4,313 
2030 – 2034  19,354 

Total 10-year estimated future benefit payments

 $42,075 

 

Defined Contribution Plans

 

401(k) Savings Contribution

 

Upon meeting various citizenship, age and service requirements, employees are eligible to participate in a defined contribution savings plan and can contribute from 2% to 75% of their base salary to an employee benefit trust. Effective October 31, 2021, we matched, in cash, 50% of the first 6% of eligible compensation deferred by the employee. For the years ended December 31, 2024, 2023 and 2022, we contributed $0.5 million, $0.4 million and $0.3 million, respectively.

 

The plan held no shares of Tidewater common stock for the years ended December 31, 2024 and 2023, respectively.

 

 

Other Plans

 

A non-qualified supplemental savings plan is provided to executive officers who defer additional eligible compensation that cannot be deferred under the existing 401(k) plan due to IRS limitations. An optional company match or contribution of restoration benefits was ceased effective January 1, 2018.

 

We also provide retirement benefits to our eligible non-U.S. citizen employees working outside their respective country of origin pursuant to a self-directed multinational defined contribution retirement plan provided the employees were not enrolled in any home country pension or retirement program. Participants could contribute 1% to 50% of their base salary. A company match was ceased prior to January 1, 2018.

 

Multi-employer Pension Obligations

 

Certain of our current and former U.K. subsidiaries are participating in two multi-employer retirement funds known as the Merchant Navy Officers Pension Fund (MNOPF) and the Merchant Navy Ratings Pension Fund (MNRPF). At December 31, 2024 and 2023, we had recorded $1.6 million and $1.5 million, respectively, related to these liabilities. An actuarial firm calculates the status of the funds every several years. The last assessment was completed in March 2021 for the MNOPF Plan and March 2023 for the MNRPF Plan and the plan assets exceed 85% of the projected benefit obligations for both plans. We expense $0.2 million per annum for these plans.

 
v3.25.0.1
Note 10 - Stock-based Compensation and Incentive Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(10)     STOCK-BASED COMPENSATION AND INCENTIVE PLANS

 

As of December 31, 2024, the Tidewater Inc. 2021 Stock Incentive Plan (2021 Plan) is our active equity incentive plan and the only types of awards outstanding are restricted stock units (RSUs) that settle in shares of Tidewater common stock.

 

The number of shares available for future grants are as follows:

 

  

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Shares of common stock available for future grants

  1,353,989   1,521,436   2,466,167 

 

Restricted Stock Units

 

We have granted RSUs to key employees, including officers and non-employee directors. We have generally awarded time-based units, where each unit represents the right to receive, at the end of a vesting period, one unrestricted share of Tidewater common stock with no exercise price.

 

We have also awarded performance-based RSUs that measure certain performance criteria or market based criteria, where each unit represents the right to receive, at the end of a service period, between zero and two shares of Tidewater common stock, depending on the level of achievement of the performance criteria or defined market condition and the completion of the service requirement, with no exercise price based on various operating and financial metrics. The fair value of the time-based RSUs is based on the market price of our common stock on the date of grant and, in the case of performance based RSUs, on the estimated level of achievement expected to be realized. For the performance based RSUs that contain a market condition, the fair value of the awards are estimated using a lattice based Monte Carlo simulation. The restrictions on the time-based RSUs awarded to key employees lapse over a three-year period from the date of the award. The restrictions on the time-based RSUs awarded to non-employee directors lapse over a one-year period. Time-based RSUs require no goals to be achieved other than the passage of time and continued employment. The restrictions on the performance-based restricted stock units lapse if we meet specific targets as defined.

 

During the restricted period, the RSUs may not be transferred or encumbered, but the recipient has the right to receive dividend equivalents on the restricted stock units, and there are no voting rights until the restricted stock units vest. If dividends are declared, dividend equivalents are accrued on performance-based restricted shares and ultimately paid only if the performance criteria are achieved. RSU compensation costs are recognized on a straight-line basis over the vesting period and are net of forfeitures.

 

RSUs granted to officers and employees under the 2021 Plan generally have a vesting period over three years in equal installments from the date of grant, except that (i) the RSUs granted to directors vest over one year and (ii) certain RSUs granted to our officers are performance based and vest on the third anniversary of the date of grant, based on our performance as measured.

 

 

The following table sets forth a summary of our restricted stock unit activity:

 

  

Weighted-average

  

Time

  

Weight-average

     
  

Grant-Date

  

Based

  

Grant Date

  

Performance

 
  

Fair Value

  

Units

  

Fair Value

  

Based Units

 

Non-vested balance at December 31, 2021

 $10.37   776,113  $24.50   30,449 

Granted

  14.46   448,433   12.72   126,724 

Vested

  10.62   (355,226)  24.50   (15,225)

Cancelled/forfeited

  12.72   (3,000)  24.50   (15,224)

Non-vested balance at December 31, 2022

 $12.33   866,320  $12.72   126,724 

Granted

  40.45   247,874   39.91   61,856 

Vested

  13.08   (393,374)  —   — 

Cancelled/forfeited

  21.12   (11,827)  —   — 

Non-vested balance at December 31, 2023

 $21.58   708,993  $21.64   188,580 

Granted

  85.48   132,883   90.87   43,685 

Vested

  21.52   (361,644)  —   — 

Cancelled/forfeited

  38.04   (9,664)  —   — 

Non-vested balance at December 31, 2024

 $39.34   470,568  $34.66   232,265 

 

Restrictions on approximately 250,000 time-based units outstanding at December 31, 2024 will lapse during 2025.

 

Restricted stock unit compensation expense and grant date fair value are as follows:

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Grant date fair value of restricted stock units vested

 $7,783  $5,407  $3,561 

Restricted stock unit compensation expense

  13,681   10,755   6,469 

 

As of December 31, 2024, total unrecognized RSU compensation costs totaled approximately $17.9 million, or $14.2 million net of tax, which will be recognized over a weighted average period of two years, compared to $14.4 million, or $11.4 million net of tax, at December 31, 2023 and $10.0 million, $7.9 million net of tax, at December 31, 2022. No RSU compensation costs were capitalized as part of the costs of an asset. The amount of unrecognized RSU compensation costs will be affected by any future restricted stock unit grants and by the separation of an employee who has received RSUs that are unvested as of their separation date. There were no modifications to the RSUs during the years ended December 31, 2024, 2023 and 2022. Forfeitures are recognized as an adjustment to compensation expense for all RSUs in the same period as the forfeitures occur.

 

Stock Options

 

On April 15, 2020, the Board awarded our Chief Executive Officer (CEO) 344,598 options to acquire our common stock for $6.48 per share. The fair value of the options on the grant date was $3.23 per share based on a Black-Scholes calculation that included a volatility measure of 63%, a zero percent yield, a 1.5% discount rate and a market value of the underlying stock on the grant date of $5.81 per share. On March 22, 2021, the Board awarded the CEO an additional 259,158 options to acquire our common stock for $18.09 per share. The fair value of the options on the grant date was $3.69 per share based on a Black-Scholes calculation that included a volatility measure of 47.5%, a 2% yield, a 1.03% discount rate and a market value of the underlying stock on the grant date of $12.72 per share. Both options had terms of ten years vesting in equal amount over three years. All stock options were fully vested and exercised in the first quarter of 2024 and none remained outstanding or exercisable as of December 31, 2024.

 
v3.25.0.1
Note 11 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

(11)

STOCKHOLDERS’ EQUITY

 

Common Stock

 

The number of shares of authorized and issued common stock and preferred stock are as follows:

 

  

December 31,

  

December 31,

 
  

2024

  

2023

 

Common stock shares authorized

  125,000,000   125,000,000 

Common stock par value

 $0.001  $0.001 

Common stock shares issued

  51,461,472   52,259,303 

Preferred stock shares authorized

  3,000,000   3,000,000 

Preferred stock par value

 

No par

  

No par

 

Preferred stock shares issued

  —   — 

 

Common Stock Repurchases

 

On November 5, 2023, our Board of Directors (Board) approved a $35.0 million share repurchase program, pursuant to which we repurchased and retired 590,499 shares for approximately $35.0 million, excluding commissions and a 1% excise tax, during the fourth quarter of 2023. On February 29, 2024, our Board approved a new $48.6 million share repurchase program, subsequently approving the increase of such program by $18.1 million on May 2, 2024, $13.9 million on August 6, 2024, and $10.1 million on November 7, 2024. During the year ended December 31, 2024, we repurchased and retired 1,384,186 shares for approximately $90.7 million, excluding commissions and a 1% excise tax. No shares were repurchased during the year ended December 31, 2022.

 

Dividends

 

There were no dividends declared during the years ended December 31, 2024, 2023 and 2022.

 

Warrants

 

During 2017, we issued 11,543,814 New Creditor Warrants, each with an exercise price of $0.001 and exercisable for one share of our common stock. As of December 31, 2024, we had 76,175 New Creditor Warrants outstanding. 

 

In conjunction with the GulfMark merger, Tidewater assumed approximately 2.3 million Creditor Warrants (GLF Creditor Warrants), with an exercise price of $0.01, and approximately 0.8 million Equity Warrants (GLF Equity Warrants) with an exercise price of $100. Each GLF Creditor Warrant and GLF Equity Warrant is exercisable for 1.1 shares of Tidewater common stock on substantially the same terms and conditions as provided in the governing warrant agreements. As of December 31, 2024, we had 77,204 GLF Creditor Warrants outstanding. The GLF Equity Warrants expired according to their terms in November 2024.

 

Prior to August 1, 2023, we had outstanding Series A Warrants, with an exercise price of $57.06 and Series B Warrants, with an exercise price of $62.28, both with an expiration date of July 31, 2023. During July 2023, an aggregate of approximately 2.0 million Series A Warrants and Series B Warrants were exercised and we issued 1.9 million shares of common stock in exchange for $111.5 million in cash proceeds. All remaining unexercised Series A Warrants and Series B Warrants, approximately 3.1 million in the aggregate, expired according to their terms on July 31, 2023.

 

In connection with the acquisition of SPO, Tidewater issued 8.1 million SPO Acquisition Warrants, each with an exercise price of $0.001 and exercisable for one share of our common stock. During the second half of 2022, we completed two common stock public offerings to facilitate the redemption of the SPO Acquisition Warrants, including an offering for 4,048,000 shares at $17.85 per share completed on August 12, 2022, and an offering for 3,987,914 shares at $30.25 per share completed on November 10, 2022 (the Offerings). The Offerings resulted in net proceeds (after expenses) of approximately $187.8 million that we used to redeem 8,035,914 SPO Acquisition Warrants, which we subsequently cancelled.

 

 

The Share Purchase Agreement (SPA) to acquire SPO included a provision under which Banyan agreed to indemnify us for certain liabilities and could settle these liabilities, at their option, with cash or the surrender of SPO Acquisition Warrants. This provision caused the SPO Acquisition Warrants to be classified as liabilities, which requires a mark-to-market valuation primarily based on the change in our share price at each reporting period. On June 24, 2022, we amended the SPA (SPA Amendment) to require our consent before Banyan could surrender the SPO Acquisition Warrants to satisfy any indemnity liabilities. As such, on June 24, 2022, we reclassified the SPO Acquisition Warrants from liabilities to additional paid in capital, at the adjusted amount of $176.8 million, and recognized a non-cash loss totaling $14.2 million due to the mark-to-market adjustment of the SPO Acquisition Warrants, calculated using the closing share price of our common stock on June 24, 2022 of $21.83, less the closing share price of our common stock of $20.08 on the SPO Closing Date.

 

Under the indemnification provisions of the SPA and the SPA Amendment, Banyan requested that we allow them to settle approximately $1.4 million in indemnified liabilities by surrendering the equivalent value in SPO Acquisition Warrants. We granted Banyan’s request, and during 2022, settled the agreed upon indemnification liability in exchange for the surrender of 64,086 SPO Acquisition Warrants that we subsequently cancelled. No SPO Acquisition Warrants are outstanding.

 

Accumulated Other Comprehensive Income (Loss)

 

The changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows:

 

(In Thousands)

 Year Ended December 31, 
  2024  2023  2022 

Balance at December 31

 $5,266  $8,576  $2,668 

Unrealized gain (loss) on note receivable

  283   213   (496)

Pension benefits recognized in OCI

  511   (3,523)  6,404 

Balance at December 31

 $6,060  $5,266  $8,576 

 

 
v3.25.0.1
Note 12 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

(12)     COMMITMENTS AND CONTINGENCIES

 

Currency Devaluation and Fluctuation Risk

 

Due to our international operations, we are exposed to foreign currency exchange rate fluctuations and exchange rate risks on all charter hire contracts denominated in foreign currencies. For some of our international contracts, a portion of the revenue and local expenses are incurred in local currencies with the result that we are at risk of changes in the exchange rates between the U.S. dollar and foreign currencies. We generally do not hedge against any foreign currency rate fluctuations associated with foreign currency contracts that arise in the normal course of business, which exposes us to the risk of exchange rate losses. To minimize the financial impact of these items, we attempt to contract a significant majority of our services in U.S. dollars. In addition, we attempt to minimize the financial impact of these risks by matching the currency of the company’s operating costs with the currency of the revenue streams when considered appropriate. We continually monitor the currency exchange risks associated with all contracts not denominated in U.S. dollars.

 

Legal Proceedings

 

We are named defendants or parties in certain lawsuits, claims or proceedings incidental to or arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.

 

 
v3.25.0.1
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block]

(13)

ACCRUED EXPENSES, OTHER CURRENT LIABILITIES, AND OTHER LIABILITIES

 

A summary of accrued expenses as of December 31, is as follows:

 

(In Thousands)

      
  2024  2023 

Payroll and related payables

 $43,256  $34,989 

Accrued vessel expenses

  42,762   48,076 

Accrued interest expense

  16,727   17,128 

Other accrued expenses

  27,149   25,397 
  $129,894  $125,590 

 

A summary of other current liabilities as of December 31, is as follows:

 

(In Thousands)

      
  2024  2023 

Taxes payable

 $48,122  $44,461 

Other

  16,826   10,672 
  $64,948  $55,133 

 

A summary of other liabilities as of December 31, is as follows:

 

(In Thousands)

      
  2024  2023 

Pension liabilities

 $17,525  $19,003 

Liability for uncertain tax positions

  24,582   27,319 

Other

  18,289   18,663 
  $60,396  $64,985 

 
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(14)     SEGMENT INFORMATION, GEOGRAPHICAL DATA AND MAJOR CUSTOMERS

 

Each of our five operating segments is led by senior management reporting to our Chief Executive Officer, the chief operating decision maker (CODM). Our operating segments comprise the structure used by our CODM to make key operating decisions and assess performance. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the results of each of the operating segments for resource allocation and performance evaluation. Our CODM evaluates the segments’ operating performance based on segment operating income. Segment operating income is defined as segment revenues less segment costs and expenses. The CODM primarily considers segment operating income for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

 

The following table provides a comparison of revenues, vessel operating profit, depreciation and amortization, additions to properties and equipment and assets by segment and in total. Vessel operating profit is calculated as vessel revenues less vessel operating costs, segment depreciation expenses, and segment general and administrative costs. Vessel revenues and operating costs relate to our owned and operated vessels while other operating revenues relate to the activities of our other miscellaneous marine-related businesses.

 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Americas:

            

Vessel revenues

 $261,929  $237,205  $146,871 
             

Vessel operating costs:

            

Crew costs

  87,545   86,328   56,767 

Repair and maintenance

  20,677   17,295   12,706 

Insurance

  2,034   1,891   1,439 

Fuel, lube and supplies

  13,635   13,175   9,655 

Other

  24,391   19,232   13,442 

Total vessel operating costs

  148,282   137,921   94,009 

General and administrative expense

  14,046   15,105   10,926 

Depreciation and amortization

  44,822   41,215   29,920 

Vessel operating profit

  54,779   42,964   12,016 
             

Additions to properties and equipment

 $5,980  $2,916  $4,468 
             

Total assets

 $350,126  $418,151  $309,985 

 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Asia Pacific:

            

Vessel revenues

 $210,328  $122,235  $64,231 
             

Vessel operating costs:

            

Crew costs

  88,968   41,940   29,433 

Repair and maintenance

  13,999   9,212   3,077 

Insurance

  1,197   794   516 

Fuel, lube and supplies

  8,834   5,251   4,139 

Other

  10,311   7,751   5,081 

Total vessel operating costs

  123,309   64,948   42,246 

General and administrative expense

  8,544   8,147   12,299 

Depreciation and amortization

  18,606   10,669   5,960 

Vessel operating profit

  59,869   38,471   3,726 
             

Additions to properties and equipment

 $2,157  $7,839  $317 
             

Total assets

 $173,587  $167,085  $148,684 

 

 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Middle East:

            

Vessel revenues

 $152,187  $135,375  $110,375 
             

Vessel operating costs:

            

Crew costs

  53,390   53,416   44,944 

Repair and maintenance

  17,595   16,187   12,210 

Insurance

  1,882   1,784   1,412 

Fuel, lube and supplies

  10,019   12,092   10,531 

Other

  24,076   17,127   9,015 

Total vessel operating costs

  106,962   100,606   78,112 

General and administrative expense

  11,320   9,254   9,120 

Depreciation and amortization

  30,135   26,566   24,236 

Vessel operating profit

  3,770   (1,051)  (1,093)
             

Additions to properties and equipment

 $1,260  $3,016  $3,911 
             

Total assets

 $180,286  $191,927  $197,054 

 

 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Europe/Mediterranean:

            

Vessel revenues

 $333,081  $230,217  $129,578 
             

Vessel operating costs:

            

Crew costs

  109,178   78,613   49,709 

Repair and maintenance

  28,288   17,029   9,239 

Insurance

  3,171   2,218   1,442 

Fuel, lube and supplies

  14,650   11,697   6,026 

Other

  18,864   13,758   8,426 

Total vessel operating costs

  174,151   123,315   74,842 

General and administrative expense

  12,726   10,063   8,158 

Depreciation and amortization

  92,331   63,152   27,734 

Vessel operating profit

  53,873   33,687   18,844 
             

Additions to properties and equipment

 $11,069  $7,320  $1,302 
             

Total assets

 $659,158  $671,626  $282,670 

 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

West Africa:

            

Vessel revenues

 $380,112  $273,961  $190,349 
             

Vessel operating costs:

            

Crew costs

  77,195   69,176   61,511 

Repair and maintenance

  17,817   18,993   14,024 

Insurance

  2,743   2,610   1,956 

Fuel, lube and supplies

  18,233   18,333   13,378 

Other

  24,415   20,613   17,223 

Total vessel operating costs

  140,403   129,725   108,092 

General and administrative expense

  9,495   9,281   10,611 

Depreciation and amortization

  53,782   36,508   28,534 

Vessel operating profit

  176,432   98,447   43,112 
             

Additions to properties and equipment

 $3,300  $19,593  $2,923 
             

Total assets

 $512,549  $421,054  $285,965 

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

World Wide:

            

Revenues:

            

Vessel revenues

 $1,337,637  $998,993  $641,404 

Other operating revenues

  8,198   10,992   6,280 

Total revenue

  1,345,835   1,009,985   647,684 
             

Vessel operating costs:

            

Crew costs

  416,276   329,473   242,364 

Repair and maintenance

  98,376   78,716   51,256 

Insurance

  11,027   9,297   6,765 

Fuel, lube and supplies

  65,371   60,548   43,729 

Other

  102,057   78,481   53,187 

Total vessel operating costs

  693,107   556,515   397,301 

Costs of other operating revenues

  3,555   4,342   2,130 

General and administrative expense

  56,131   51,850   51,114 

Depreciation and amortization

  239,676   178,110   116,384 

Operating profit

  353,366   219,168   80,755 

Corporate expenses

  (57,780)  (45,654)  (53,583)

Gain on asset dispositions, net

  15,762   8,701   250 

Long-lived asset impairments and other

  —   —   (714)

Operating income

 $311,348  $182,215  $26,708 
             

Segment additions to properties and equipment

 $23,766  $40,684  $12,921 

Corporate additions to properties and equipment

  3,814   5,168   3,716 

Total additions to properties and equipment

 $27,580  $45,852  $16,637 
             

Segment assets

 $1,875,706  $1,869,843  $1,224,358 

Corporate assets

  199,198   192,931   73,298 

Total assets

 $2,074,904  $2,062,774  $1,297,656 

 

 

The Company attributes revenue to various countries based on the location where services are actually performed. Revenues by country for the year ended December 31, 2024 are as follows:

 

(In Thousands)

 

Year Ended December 31,

 
  

2024

 

Countries:

    

United Kingdom

 $147,175 

Angola

  144,566 

Australia

  130,788 

Saudi Arabia

  129,333 

Norway

  112,167 

United Sates

  81,547 

Other (includes more than 30 countries)

  600,259 

Total revenues

 $1,345,835 

 

The following table discloses our customers that accounted for 10% or more of total revenues:

 

  

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Eni S.p.A

  12.3%  10.3%  * 

Chevron Corporation

  *   *   12.3%

 

* Less than 10% of total revenues.

 
v3.25.0.1
Note 15 - Restructuring Charges
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Restructuring and Related Activities Disclosure [Text Block]

(15)

RESTRUCTURING CHARGES

 

In 2022, we recorded additional severance costs relating to the SPO Acquisition. Lease exit and severance and integration costs are included in general and administrative expenses in our Consolidated Statements of Operations.

 

Activity for the lease exit and severance and integration liabilities for the three years ended December 31, 2024 were:

 

           Severance and     
  

Lease Exit Costs

  

Integration Costs

     

(In Thousands)

 

Europe/

          
  Mediterranean  Corporate  Company  Total 

Balance at January 1, 2022

 $1,147  $362  $—  $1,509 

Charges

  (146)  26   5,800   5,680 

Cash payments

  (376)  (388)  —   (764)

Balance at December 31, 2022

 $625  $—  $5,800  $6,425 

Charges

  27   —   —   27 

Cash payments

  (652)  —   (5,800)  (6,452)

Balance at December 31, 2023 and 2024

 $—  $—  $—  $— 

 

 
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Nature of Operations [Policy Text Block]

Nature of Operations

 

We provide offshore support vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of offshore marine service vessels. Our revenues, net earnings and cash flows from operations are dependent upon the activity level of the vessel fleet (utilization) and the price we charge for these services (day rate). The level of our business activity is driven by the amount of installed offshore oil and gas production facilities, the level of offshore drilling and exploration activity, and the general level of offshore construction projects such as pipeline and windfarm construction and support. Our customers’ offshore activity, in turn, is dependent on crude oil and natural gas (oil and gas) prices, which fluctuate depending on the respective levels of supply and demand for oil and gas and the outlook for such levels.

 

In 2023, we acquired 37 platform supply vessels owned by Solstad Offshore ASA, a Norwegian public limited company, operating primarily in the North Sea, Australia and Brazil.

 

In 2022, we acquired Swire Pacific Offshore Holdings Ltd., a limited company organized under the laws of Bermuda (SPO), which owned 50 offshore support vessels operating primarily in West Africa, Southeast Asia and the Middle East.

 

Unless otherwise required by the context, the terms “we”, “us”, “our” and “company” as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors.

 
Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

 

The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared by the company, pursuant to the rules and regulations of the Securities and Exchange Commission.

 
Consolidation, Policy [Policy Text Block]

Principles of Consolidation

 

The consolidated financial statements include the accounts of Tidewater Inc. and its subsidiaries. Intercompany balances and transactions are eliminated in consolidation.

 
Segment Reporting, Policy [Policy Text Block]

Reporting Segments

 

Reporting business segments are defined as a component of an enterprise for which separate financial information is available and is evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our segments are based on geographic markets: the Americas segment, which includes the U.S. Gulf of Mexico (U.S. Gulf), Trinidad, Mexico and Brazil; the Asia Pacific segment, which includes Southeast Asia and Australia; the Middle East segment, which includes Saudi Arabia, United Arab Emirates, India and East Africa; the Europe/Mediterranean segment, which includes the United Kingdom, Norway and Egypt; and the West Africa segment, which includes Angola and other coastal regions of West Africa. Please refer to Note (14) - “Segment Information, Geographical Data and Major Customers” for disclosure related to reporting segments.

 
Use of Estimates, Policy [Policy Text Block]

Use of Estimates in Preparation of Financial Statements

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the recorded amounts of revenues and expenses during the reporting period. The accompanying consolidated financial statements include estimates for allowance for credit losses, useful lives of property and equipment, estimated net realizable value of assets held for sale and marine operating supplies, income tax provisions, impairments, fair value of assets and liabilities related to acquired vessels, fair value of available-for-sale debt securities, fair value of stock-based compensation awards, commitments and contingencies and certain accrued liabilities. We evaluate our estimates and assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are considered reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. These accounting policies involve judgment and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions or if different assumptions had been used and, as such, actual results may differ from these estimates.

 

 

 
Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents

 

We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

 
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]

Restricted Cash

 

We consider cash as restricted when there are contractual agreements that govern the use or withdrawal of the funds.

 
Inventory, Policy [Policy Text Block]

Marine Operating Supplies

 

Marine operating supplies, which consist primarily of operating parts and supplies for our vessels as well as fuel, are stated at the lower of weighted-average cost or net realizable value.

 
Property, Plant and Equipment, Policy [Policy Text Block]

Properties and Equipment

 

Capitalization, Depreciation and Amortization

 

Properties and equipment acquired after fresh-start are stated at their acquisition cost. Depreciation is computed primarily on the straight-line basis beginning on acquisition date or on the date construction is completed, with salvage values of 7.5% for marine equipment, using estimated useful lives of 10 – 20 years for marine equipment and 3 – 10 years for other properties and equipment. Depreciation is provided for all vessels unless a vessel meets the criteria to be classified as held for sale. Estimated remaining useful lives are reviewed when there has been a change in circumstances that indicates the original estimated useful life may no longer be appropriate. Upon retirement or disposal of a fixed asset, the costs and related accumulated depreciation are removed from the respective accounts and any gains or losses are included in our consolidated statements of operations. 

 

Maintenance and Repairs

 

Most of our vessels require certification inspections twice in every five-year period. These costs include drydocking and survey costs necessary to ensure compliance with applicable regulations and maintain certifications for vessels with classification societies. These certification costs are typically incurred while the vessel is in drydock and may be incurred concurrent with other vessel maintenance and improvement activities. Costs related to the certification of vessels are deferred and amortized over 30 months on a straight-line basis.

 

Maintenance costs incurred at the time of the recertification drydocking that are not related to the certification of the vessel are expensed as incurred.

 

Costs related to vessel improvements that either extend the vessel’s useful life or increase the vessel’s functionality are capitalized and depreciated. Vessel modifications that are performed for a specific customer contract are capitalized and amortized over the firm contract term. Major modifications to equipment that are not being performed for a specific customer contract are capitalized and amortized over the remaining life of the equipment.

 

Net Properties and Equipment

 

The following are summaries of net properties and equipment:

 

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Properties and equipment:

        

Vessels and related equipment

 $1,727,197  $1,716,339 

Other properties and equipment

  28,969   32,447 
   1,756,166   1,748,786 

Less accumulated depreciation and amortization

  571,884   433,664 

Net properties and equipment

 $1,184,282  $1,315,122 

 

 

As of  December 31, 2024, we owned 211 offshore support vessels, 210 of which were active and one of which was stacked. As of December 31, 2023, we owned 217 offshore support vessels, 215 of which were active and two of which were stacked. We consider a vessel to be stacked if the vessel crew is disembarked and limited maintenance is being performed. We reduce operating costs by stacking vessels when we do not foresee opportunities to profitably or strategically operate the vessels in the near future. Vessels are stacked when market conditions warrant and they are removed from stack when they are returned to active service, sold or otherwise disposed. We consider our current stacked vessels to be available for return to service. Stacked vessels are considered to be in service and are included in our utilization statistics. Please refer to Note (8) - “Assets Held for Sale, Asset Sales and Asset Impairments” for additional discussion of our assets held for sale including any reclassifications to or from the active fleet. Some of our vessels are pledged as security under our debt agreements. Refer to Note (4) – “Debt” for additional information regarding debt security.

 

To support our West Africa segment, we contracted to build two ocean-going tugs which were completed in 2023 and cost approximately $6.0 million each. We also contracted to build eight Alucat crew boats, two of which were completed in 2023 and cost approximately $4.0 million each. We expect five of the remaining six Alucat crew boats to be delivered in early 2025 and one to be delivered later in 2025. We paid $2.9 million to start the construction on these vessels, which will cost approximately $2.5 million each. During January and February of 2025, we took delivery of five Alucat crew boats and recorded debt of approximately EUR 9.4 million ($9.7 million).

 
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

 

We review the vessels in our active fleet for impairment whenever events occur or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. In such evaluation, the estimated future undiscounted cash flows generated by an asset group are compared with the carrying amount of the asset group to determine if a write-down may be required. With respect to vessels that are expected to remain in active service, we group together for impairment testing purposes vessels with similar operating and marketing characteristics. Stacked vessels expected to return to active service are evaluated for impairment as part of their assigned active asset group.

 

We estimate future cash flows based upon historical data adjusted for our best estimate of expected future market performance, which, in turn, is based on industry trends. The primary estimates and assumptions used in reviewing active vessel groups for impairment and estimating undiscounted cash flows include utilization rates, average day rates and average daily operating expenses. These estimates are made based on recent actual trends in utilization, day rates and operating costs and reflect management’s best estimate of expected market conditions during the period of future cash flows. These assumptions and estimates have changed considerably as market conditions have changed, and they are reasonably likely to continue to change as market conditions change in the future. Although we believe our assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce materially different results. Management estimates may vary considerably from actual outcomes due to future adverse market conditions or poor operating results that could result in the inability to recover the current carrying value of an asset group, thereby possibly requiring an impairment charge in the future. As our fleet continues to age, management closely monitors the estimates and assumptions used in the impairment analysis in order to properly identify evolving trends and changes in market conditions that could impact the results of the impairment evaluation.

 

If an asset group fails the undiscounted cash flow test, we estimate the fair value (Level 3) of that asset group and compare such estimated fair value to the carrying value of that asset group in order to determine if impairment exists.

 

From time to time, we may designate assets or a group of assets for disposal under a plan for disposition. Cost and related accumulated depreciation associated with assets designated for disposal under such a plan are removed from the property and equipment accounts and reclassified to assets held for sale at estimated net realizable value. Any excess of previous net book value over estimated net realizable value is charged to impairment expense. Also, we may sell or recycle assets at various times for various reasons including obsolescence that are not subject to a plan for disposal. We record gains and losses on these sales as they occur.

 

We consider the valuation approach for our assets held for sale to be a Level 3 fair value measurement due to the level of estimation involved in valuing assets to be recycled or sold. We estimate the net realizable value of our assets held for sale using various methodologies including third party appraisals, sales comparisons, sales agreements and recycle yard tonnage prices. Estimates generally fall in ranges rather than exact numbers due to the nature of sales of offshore vessels and industry conditions. Our value ranges depend on our expectation of the ultimate disposition of the vessel. We will in all circumstances attempt to achieve maximum value for our vessels, but also recognize that certain vessels are more likely to be recycled, especially given the time and effort required to achieve a sale and the costs incurred to maintain a vessel while searching for a buyer. We establish ranges that in many cases have the recycling value as the low end of the range and an expected open market sale value at the top of the range.

 

When there is no expectation within the range that is considered more likely than any other, we apply equal probability weighting to the low and high ends of the valuation range. In addition, in conjunction with the reactivation of vessels from assets held for sale to the active fleet and the concurrent valuation of such vessels at fair value, we may recapture impairment previously charged to expense related to those vessels. We do not separate our asset impairment expense by segment because of the significant movement of our assets between segments.

 

Please refer to Note (8) - “Assets Held for Sale, Asset Sales and Asset Impairments” for a discussion of our evaluations of long-lived assets for impairment during the years ended December 31, 2024, 2023 and 2022.

 
Accrued Property And Liability Losses Policy [Policy Text Block]

Accrued Property and Liability Losses

 

Our insurance coverage is provided by third party insurers. We establish case-based reserves for estimates of reported losses on outstanding claims, estimates received from ceding reinsurers, and reserves based on past experience of unreported losses. Such losses principally relate to our vessel operations and are included as a component of vessel operating costs in the consolidated statements of earnings. The liability for such losses and the related reimbursement receivable from reinsurance companies are classified in the consolidated balance sheets into current and noncurrent amounts based upon estimates of when the liabilities will be settled and when the receivables will be collected.

 
Pension and Other Postretirement Plans, Policy [Policy Text Block]

Pension Benefits

 

We follow the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 715, Compensation – Retirement Benefits, and use a December 31 measurement date for determining net periodic benefit costs, benefit obligations and the fair value of plan assets. Net periodic pension costs and accumulated benefit obligations are determined using several assumptions including the discount rates used to measure future obligations and expenses, retirement ages, mortality rates, expected long-term return on plan assets, and other assumptions, all of which have a significant impact on the amounts reported.

 

Our pension cost consists of interest costs, expected returns on plan assets, and actuarial gains and losses. We consider various factors in developing pension assumptions, including an evaluation of relevant discount rates, expected long-term returns on plan assets, plan asset allocations, expected changes in retirement benefits, analyses of current market conditions and input from actuaries and other consultants.

 

For the long-term rate of return, we developed assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, which consider the plan’s target asset allocation and long-term asset class return expectations. Assumptions for the discount rate reflect the theoretical rate at which liabilities could be settled in the bond market at  December 31, 2024.

 
Income Tax, Policy [Policy Text Block]

Income Taxes

 

Income taxes are accounted for in accordance with the provisions of ASC 740, Income Taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred taxes are not provided on undistributed earnings of certain non-U.S. subsidiaries and business ventures because we consider those earnings to be permanently invested abroad.

 

We record uncertain tax positions on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions would be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The recognition and measurement of tax liabilities for uncertain tax positions in any tax jurisdiction requires the interpretation of the related tax laws and regulations as well as the use of estimates and assumptions regarding significant future events. Changes in tax laws, regulations, agreements and treaties, foreign currency exchange restrictions or our level of operations or profitability in each taxing jurisdiction could have an impact on the amount of income taxes during any given year.

 

 
Revenue [Policy Text Block]

Revenue Recognition

 

Our primary source of revenue derives from time charter contracts of our vessels on a rate per day of service basis; therefore, vessel revenues are recognized on a daily basis throughout the contract period. The base rate of hire for a time charter contract is generally a fixed rate, provided, however, that some longer-term contracts at times include escalation clauses to recover specific additional costs.

 
Cost of Goods and Service [Policy Text Block]

Operating Costs

 

Vessel operating costs consist primarily of costs such as crew wages; repair and maintenance; insurance; fuel, lube oil and supplies; and other vessel expenses, which include costs such as brokers’ commissions, training costs, agent fees, port fees, canal transit fees, temporary importation fees, vessel certification fees, and satellite communication fees. Repair and maintenance costs include both routine costs and major repairs carried out during drydockings, which occur during the economic useful life of the vessel. Vessel operating costs, excluding drydocking cost, are recognized as incurred.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

 

The U.S. dollar is the functional currency for all our existing international operations, as transactions in these operations are predominately denominated in U.S. dollars. Foreign currency exchange gains and losses from the revaluation of our foreign currency denominated monetary assets and liabilities are included in the consolidated statements of operations.

 
Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

 

We report both basic earnings (loss) per share and diluted earnings (loss) per share. The calculation of basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Diluted earnings (loss) per share includes the dilutive effect of stock options and restricted stock grants (both time and performance based) awarded as part of our share-based compensation and incentive plans as well as our outstanding warrants. Per share amounts disclosed in these Notes to Consolidated Financial Statements, unless otherwise indicated, are on a diluted basis.

 

The components of basic and diluted earnings (loss) per share, are as follows:

 

(In Thousands, except per share data)

 

Year Ended December 31,

 
  2024  2023  2022 

Net income (loss) available to common stockholders

 $180,656  $97,185  $(21,749)

Weighted average outstanding shares of common stock, basic

  52,452   51,591   44,132 

Dilutive effect of options, warrants and stock awards

  619   1,346   — 

Weighted average common stock and equivalents

  53,071   52,937   44,132 
             

Income (loss) per share, basic

 $3.44  $1.88  $(0.49)

Income (loss) per share, diluted

 $3.40  $1.84  $(0.49)
             

Additional information:

            

Incremental "in-the-money" options, warrants, and restricted stock units outstanding at the end of the period

  856   1,674   1,863 

 
Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentrations of Credit Risk and Allowance for Credit Losses

 

Our financial instruments that are exposed to concentrations of credit risk consist primarily of trade and other receivables from a variety of domestic, international and national energy companies. We manage our exposure to risk by performing ongoing credit evaluations of our customers’ financial condition and may at times require prepayments or other forms of collateral.

 

 

We maintain an allowance for credit loss based on expected collectability and do not believe we are generally exposed to concentrations of credit risk that are likely to have a material adverse impact on our financial position, results of operations, or cash flows. Expected credit losses are recognized on the initial recognition of our trade accounts receivable. In each subsequent reporting period, even if a loss has not yet been incurred, credit losses are recognized based on the history of credit losses and current conditions, as well as reasonable and supportable forecasts affecting collectability. We developed an expected credit loss model applicable to our trade accounts receivable and contract assets that considers our historical performance and the economic environment, as well as the credit risk and its expected development for each group of customers that share similar risk characteristics. It is our practice to write off receivables when all legal options for collection have been exhausted.

 

Activity in the allowance for credit losses for the three years ended December 31, 2024 is as follows:

 

  

Trade

 

(In Thousands)

 

and

 
  

Other Receivables

 

Balance at January 1, 2022

 $74,404 

Current period provision for expected credit losses

  414 

Acquisition of Sonatide joint venture

  (59,678)

Other

  (1,080)

Balance at December 31, 2022

 $14,060 

Current period provision for expected credit losses

  3,305 

Write offs

  (1,484)

Recoveries

  490 

Other

  (457)

Balance at December 31, 2023

 $15,914 

Current period credit for expected credit losses

  (1,430)

Write offs (A)

  (10,969)

Other

  (331)

Balance at December 31, 2024

 $3,184 

 

(A)

Primarily the write off of the remaining balance due from our Nigerian joint venture.

 
Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

 

Stock-based compensation transactions are accounted for using a fair-value-based method. We use the Black-Scholes option-pricing model to determine the fair-value of stock-based option awards. The fair value of time based stock awards is the stock price on the grant date of the award. We use a Monte Carlo simulation model to determine the fair value of stock-based performance awards that contain market conditions.

 
Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income (Loss)

 

We report total comprehensive income (loss) and its components. Accumulated other comprehensive income (loss) is comprised of any minimum pension liability for our U.S. Defined Benefits Pension Plans and an unrealized gain (loss) on a note receivable.

 
Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

 

We follow the provisions of ASC 820, for financial assets and liabilities that are measured and reported at fair value on a recurring basis. ASC 820 establishes a hierarchy for inputs used in measuring fair value. Fair value is calculated based on assumptions that market participants would use in pricing assets and liabilities and not on assumptions specific to the entity. The statement requires that each asset and liability carried at fair value be classified into one of the following categories:

 

Level 1: Quoted market prices in active markets for identical assets or liabilities

 

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

 

Level 3: Unobservable inputs that are not corroborated by market data

 

 

Our primary financial instruments consist of cash and cash equivalents, restricted cash, trade receivables and trade payables with book values that are considered to be representative of their respective fair values.

 

Our cash equivalents, which are securities with maturities less than three months, are held in commercial paper, money market funds or time deposit accounts with highly rated financial institutions. The carrying value for cash equivalents is considered to be representative of its fair value due to the short duration and conservative nature of the cash equivalent investment portfolio.

 

In the second quarter of 2022, we exchanged $8.6 million in accounts receivable with PEMEX, the Mexican national oil company, for an equal face value amount of seven-year 8.75% PEMEX corporate bonds (PEMEX Bonds). In 2024, $8.0 million of the PEMEX Bonds were sold at their approximate book value. The PEMEX Bonds are classified as “available for sale.” As of December 31, 2024 and 2023, we have recorded zero and $(0.3) million, respectively, in mark-to-market gains (losses) related to the fair value (Level 2) of the PEMEX Bonds in other comprehensive income. The remaining PEMEX Bonds are valued at $0.7 million in our consolidated balance sheet, which is both its amortized cost and approximate fair value, as of December 31, 2024.

 

In addition, we disclose the fair value of our long-term debt (Level 2) in Note (4).

 
Government Assistance [Policy Text Block]

Governmental Assistance

 

During 2024, we received the following governmental assistance:

 ●$11.8 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations.

 

During 2023, we received the following governmental assistance:

 

●

$6.1 million in wage and sick cost refunds from the Norwegian government which was credited to our vessel operating costs in our Consolidated Statement of Operations.

 
New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements 

 

From time-to-time new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) that we adopt as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated financial statements upon adoption.

 

In October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends Topic 805, Business Combinations to require an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The guidance is effective for annual and interim periods beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2023 and it did not have any impact on our consolidated financial statements and related disclosures.

 

In September 2022, the FASB issued ASU 2022-04, Disclosures of Supplier Finance Program Obligations, which requires disclosures about supplier finance programs including the nature of the program, activity during the period, changes from period to period and potential magnitude. The guidance is effective for annual periods beginning after December 15, 2022, with early adoption permitted. We adopted this standard on January 1, 2023, and it did not have any impact on our consolidated financial statements and related disclosures.

 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting, which requires disclosure of incremental segment information on an annual and interim basis including significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is effective for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024. We adopted this standard on December 31, 2024 and we have included the required disclosures in Note 14 for the three years ending December 31, 2024.

 

 

Recently Issued Accounting Standards Not Yet Adopted

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes, which requires a greater disaggregation of information in the income tax rate reconciliation and income taxes paid by jurisdiction to improve the transparency of the income tax disclosures. This guidance is effective for annual periods beginning after December 15, 2024. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures to improve disclosures about certain types of expenses including purchases of inventory, employee compensation and depreciation, depletion and amortization included in commonly presented captions in the Consolidation Statements of Operations. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. We are currently evaluating the effect of the standard on our disclosures in our consolidated financial statements.
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Property, Plant and Equipment [Table Text Block]

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Properties and equipment:

        

Vessels and related equipment

 $1,727,197  $1,716,339 

Other properties and equipment

  28,969   32,447 
   1,756,166   1,748,786 

Less accumulated depreciation and amortization

  571,884   433,664 

Net properties and equipment

 $1,184,282  $1,315,122 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(In Thousands, except per share data)

 

Year Ended December 31,

 
  2024  2023  2022 

Net income (loss) available to common stockholders

 $180,656  $97,185  $(21,749)

Weighted average outstanding shares of common stock, basic

  52,452   51,591   44,132 

Dilutive effect of options, warrants and stock awards

  619   1,346   — 

Weighted average common stock and equivalents

  53,071   52,937   44,132 
             

Income (loss) per share, basic

 $3.44  $1.88  $(0.49)

Income (loss) per share, diluted

 $3.40  $1.84  $(0.49)
             

Additional information:

            

Incremental "in-the-money" options, warrants, and restricted stock units outstanding at the end of the period

  856   1,674   1,863 
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Trade

 

(In Thousands)

 

and

 
  

Other Receivables

 

Balance at January 1, 2022

 $74,404 

Current period provision for expected credit losses

  414 

Acquisition of Sonatide joint venture

  (59,678)

Other

  (1,080)

Balance at December 31, 2022

 $14,060 

Current period provision for expected credit losses

  3,305 

Write offs

  (1,484)

Recoveries

  490 

Other

  (457)

Balance at December 31, 2023

 $15,914 

Current period credit for expected credit losses

  (1,430)

Write offs (A)

  (10,969)

Other

  (331)

Balance at December 31, 2024

 $3,184 
v3.25.0.1
Note 2 - Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Asset Acquisition [Table Text Block]

(In Thousands)

    
     
     
  

Estimated Fair Value

 
     

Marine operating supplies

 $1,891 

Net properties and equipment

  601,000 

Total assets

  602,891 
     
     

Other current liabilities (A)

  8,600 

Other liabilities (A)

  1,400 

Total liabilities

  10,000 
     

Net assets acquired

 $592,891 
     

Costs and expenses

    

Vessel operating costs (B)

  1,300 
     

Purchase consideration

 $594,191 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(In Thousands)

    
     

Assets

    

Cash

 $33,152 

Trade and other receivables

  64,621 

Marine operating supplies

  5,122 

Assets held for sale

  2,500 

Prepaid expenses and other current assets

  4,174 

Net properties and equipment

  174,415 

Indemnification assets (A)

  32,279 

Other assets

  1,153 

Total assets

  317,416 
     

Liabilities

    

Accounts payable

  1,594 

Accrued expenses

  54,924 

Other current liabilities

  28,511 

Other liabilities

  16,886 

Total liabilities

  101,915 
     

Net assets acquired

 $215,501 
Business Acquisition, Pro Forma Information [Table Text Block]

(In Thousands)

    
     
  

Year ended

 
  

December 31, 2022

 
     

Revenues

 $714,783 
     

Net loss

  (22,899)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed [Table Text Block]

(In Thousands)

    
     

Assets

    

Current assets

 $12,894 

Net properties and equipment and other assets

  2,907 

Total assets

  15,801 

Liabilities

    

Current liabilities

  283 

Other liabilities

  2,995 

Total liabilities

  3,278 
     

Net assets acquired

  11,223 

Bargain purchase gain

 $1,300 
v3.25.0.1
Note 4 - Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Senior bonds:

        

Senior Secured Term Loan

 $212,500  $312,500 

10.375% Senior Unsecured Notes due July 2028

  250,000   250,000 

8.50% Senior Secured Bonds due November 2026

  175,000   175,000 

Vessel Facility Agreements

  10,387   14,151 
   647,887   751,651 

Debt discount and issuance costs

  (10,791)  (17,213)

Less: Current portion of long-term debt

  (65,386)  (103,077)

Total long-term debt

 $571,710  $631,361 
Interest And Debt Costs Incurred Net Of Interest Capitalized [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Total interest and debt costs incurred

 $73,218  $48,742  $17,413 

Less: interest costs capitalized

  (251)  (270)  (224)

Total interest and debt costs

 $72,967  $48,472  $17,189 
Schedule of Maturities of Long-Term Debt [Table Text Block]

Maturity of long-term debt (In Thousands)

 

Total Due

 

2025

 $65,386 

2026

  327,903 

2027

  2,902 

2028

  251,696 

Total

 $647,887 
v3.25.0.1
Note 6 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Non-U.S.

 $262,012  $174,103  $41,408 

United States

  (32,524)  (35,174)  (43,715)
  $229,488  $138,929  $(2,307)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

(In Thousands)

 

U.S.

       
  Federal  State  Non-U.S.  Total 

Year Ended December 31, 2022

                

Current

 $—  $8  $19,842  $19,850 

Deferred

  —   —   36   36 
  $—  $8  $19,878  $19,886 

Year Ended December 31, 2023

                

Current

 $—  $1  $43,215  $43,216 

Deferred

  —   —   92   92 
  $—  $1  $43,307  $43,308 

Year Ended December 31, 2024

                

Current

 $148  $11  $52,864  $53,023 

Deferred

  —   —   (2,807)  (2,807)
  $148  $11  $50,057  $50,216 
Schedule Of Income Tax Expense Benefit Reconciliation [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Computed “expected” tax expense (benefit)

 $48,192  $29,175  $(484)

Increase (reduction) resulting from:

            

Foreign income taxed at different rates

  (50,669)  (35,088)  (7,240)

Uncertain tax positions (A)

  (787)  (1,401)  (7,885)

Nondeductible transaction costs

  (710)  (898)  5,410 

Valuation allowance - deferred tax assets (A)

  (28,040)  (83)  11,339 

Valuation allowance - deferred tax true-up

  (1,831)  390   (453)

Deferred tax true-up

  1,831   (390)  453 

Foreign taxes

  52,842   36,339   27,945 

Net GILTI Inclusion

  22,249   2,705   — 

Return to accrual

  4,500   (8,079)  (12,162)

Restructuring

  —   13,896   — 

Share based compensation

  (13,177)  (1,470)  — 

162(m) - Executive compensation

  11,995   2,107   552 

Subpart F income

  3,700   6,664   3,495 

Other, net

  121   (559)  (1,084)
  $50,216  $43,308  $19,886 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Deferred tax assets:

        

Accrued employee benefit plan costs

 $7,673  $6,678 

Stock based compensation

  3,178   1,838 

Net operating losses

  134,280   183,004 

Tax credit carryforwards

  413,873   413,089 

Disallowed business interest expense carryforward

  15,556   14,764 

Capital loss carryforward

  5,261   5,607 

Other

  4,273   7,195 

Gross deferred tax assets

  584,094   632,175 

Less valuation allowance

  (532,994)  (591,720)

Net deferred tax assets

  51,100   40,455 

Deferred tax liabilities:

        

Depreciation and amortization

  (45,856)  (40,294)

Outside basis difference deferred tax liability

  (2,891)  (2,891)

Foreign interest withholding tax

  (1,512)  (1,154)

Other

  (290)  1,628 

Gross deferred tax liabilities

  (50,549)  (42,711)

Net deferred tax assets (liabilities)

 $551  $(2,256)
Schedule Of Uncertain Tax Positions And Income Tax Payable [Table Text Block]

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Tax liabilities for uncertain tax positions

 $24,582  $27,319 

Income tax payable

  30,069   30,909 

Income tax receivable

  5,396   3,354 
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

(In Thousands)

    
     

Balance at December 31, 2021

 $333,653 

Additions based on tax positions related to the current year

  744 

Additions based on tax positions related to a prior year

  10,155 

Settlement and lapse of statute of limitations

  (167,170)

Balance at December 31, 2022 (A)

 $177,382 

Additions based on tax positions related to the current year

  212 

Additions based on tax positions related to a prior year

  1,869 

Settlement and lapse of statute of limitations

  (165,065)

Reductions based on tax positions related to a prior year

  (712)

Balance at December 31, 2023

 $13,686 

Additions based on tax positions related to the current year

  5,909 

Additions based on tax positions related to a prior year

  53 

Settlement and lapse of statute of limitations

  (3,551)

Reductions based on tax positions related to a prior year

  (889)

Balance at December 31, 2024

 $15,208 
v3.25.0.1
Note 7 - Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Lessee Operating Lease Assets And Liabilities[ Table Text Block]

Leases (In Thousands)

Classification

 

December 31, 2024

  

December 31, 2023

 

Assets:

         

Operating

Other assets

 $11,152  $7,212 

Liabilities:

         

Current

         

Operating

Other current liabilities

  4,904   1,793 

Noncurrent

         

Operating

Other liabilities

  5,914   5,302 

Total lease liabilities

 $10,818  $7,095 
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity of lease liabilities (In Thousands)

 

Operating leases

 

2025

 $5,846 

2026

  1,898 

2027

  1,352 

2028

  987 

2029

  686 

After 2029

  1,606 

Total lease payments

  12,375 

Less: Interest

  (1,557)

Present value of lease liabilities

 $10,818 
Lease, Cost [Table Text Block]

(In Thousands)

  Year Ended  Year Ended  Year Ended 

Lease costs

Classification

 

December 31, 2024

  

December 31, 2023

  

December 31, 2022

 

Operating lease costs

General and administrative

 $1,699  $1,798  $1,485 

Short-term leases

General and administrative

  2,587   2,496   3,088 

Variable lease costs

General and administrative

  381   648   494 

Net lease cost

  $4,667  $4,942  $5,067 
Lessee Operating Lease Term And Discount Rate [Table Text Block]

Lease term and discount rate

 

December 31, 2024

 

Weighted average remaining lease term in years

  2.0 

Weighted average discount rate

  7.69%
v3.25.0.1
Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Disclosure of Long-Lived Assets Held-for-Sale [Table Text Block]

(In Thousands, except number of vessels)

  Number of Vessels   2024   Number of Vessels   2023   Number of Vessels   2022 
                         

Beginning balance

  —  $—   8  $4,195   18  $14,421 

Additions

  —   —   —   —   3   2,561 

Sales

  —   —   (8)  (4,195)  (12)  (11,287)

Reactivation

  —   —   —   —   (1)  (1,500)

Ending balance

  —  $—   —  $—   8  $4,195 
Schedule Of Gain Loss On Disposition Of Assets [Table Text Block]

(In Thousands, except number of vessels)

 

2024

  

2023

  

2022

 
             

Vessels sold from active fleet

  6   7   2 

Gain on sale of active vessels, net

 $15,677  $5,613  $553 
             

Vessels sold/recycled from assets held for sale

  —   8   12 

Gain on vessels sold/recycled from assets held for sale, net

 $—  $3,088  $5 

Total vessels sold/recycled

  6   15   14 

Total gain on sales of vessels, net

 $15,677  $8,701  $558 
v3.25.0.1
Note 9 - Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Allocation of Plan Assets [Table Text Block]
  

Actual as of

  

Actual as of

 
  

December 31, 2024

  

December 31, 2023

 

U.S. Pension plan:

        

Cash

  2%  3%

Alternative securities

  9%  18%

Debt securities

  40%  33%

Equity securities

  49%  46%

Total

  100%  100%
Schedule Of Fair Value Plan Assets Measured On Recurring Basis [Table Text Block]
      

Quoted prices in

  

Significant

  

Significant

     
      

active

  

observable

  

unobservable

  

Measured at

 

(In Thousands)

    

markets

  

inputs

  

inputs

  

Net Asset

 
  Fair Value  (Level 1)  (Level 2)  (Level 3)  Value 

Pension plan measured at fair value:

                    

Equity securities

 $14,927  $14,927  $—  $—  $— 

Debt securities

  11,962   2,192   9,770   —   — 

Alternative securities

  2,631   —   —   2,631   — 

Cash and cash equivalents

  734   —   734   —   — 

Total fair value of pension plan assets

 $30,254  $17,119  $10,504  $2,631  $— 
      

Quoted prices in

  

Significant

  

Significant

     
      

active

  

observable

  

unobservable

  

Measured at

 

(In Thousands)

    

markets

  

inputs

  

inputs

  

Net Asset

 
  Fair Value  (Level 1)  (Level 2)  (Level 3)  Value 

Pension plan measured at fair value:

                    

Equity securities

 $14,269  $14,212  $57  $—  $— 

Debt securities

  10,058   296   9,762   —   — 

Alternative securities

  5,504   —   —   5,504   — 

Cash and cash equivalents

  1,012   —   1,012   —   — 

Total fair value of pension plan assets

 $30,843  $14,508  $10,831  $5,504  $— 
Schedule of Net Funded Status [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Change in benefit obligation:

            

Benefit obligation at beginning of the period

 $50,097  $64,273  $84,308 

Interest cost

  2,572   2,873   2,313 

Benefits paid

  (4,371)  (5,104)  (5,667)

Actuarial (gain) loss (A)

  (250)  1,916   (16,681)

Settlement

  —   (13,861)  — 

Benefit obligation at end of the period

 $48,048  $50,097  $64,273 

Change in plan assets:

            

Fair value of plan assets at beginning of the period

 $30,843  $45,378  $56,779 

Actual return

  2,184   2,827   (7,337)

Employer contributions

  1,599   1,603   1,603 

Benefits paid

  (4,371)  (5,104)  (5,667)

Settlement

  —   (13,861)  — 

Fair value of plan assets at end of the period

  30,255   30,843   45,378 

Unfunded status at end of the period

 $(17,793) $(19,254) $(18,895)

Net amount recognized in the balance sheet consists of:

            

Current liabilities

 $(1,567) $(1,572) $(1,575)

Noncurrent liabilities

  (16,226)  (17,682)  (17,320)

Net amount recognized

 $(17,793) $(19,254) $(18,895)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]

(In Thousands)

 

December 31,

  

December 31,

 
  

2024

  

2023

 

Projected and accumulated benefit obligation

 $48,048  $50,097 

Fair value of plan assets

  30,255   30,843 
Schedule of Net Benefit Costs [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Interest cost

 $2,572  $2,873  $2,313 

Expected return on plan assets

  (1,828)  (2,111)  (3,006)

Amortization of net actuarial gains (losses)

  (94)  (146)  63 

Settlement/curtailment gain

  —   (2,177)  — 

Net periodic pension cost (benefit)

 $650  $(1,561) $(630)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
  

Pension Benefits

 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Total net (gain) loss recognized in other comprehensive (income) loss

 $(511) $3,522  $(6,404)
Defined Benefit Plan, Assumptions [Table Text Block]
  

Pension Benefits

 
  

2024

  

2023

 

Discount rate

  5.3%  5.5%

Expected long-term rate of return on assets

  6.3%  6.4%
Schedule of Expected Benefit Payments [Table Text Block]
  

Pension

 

Year ending December 31, (In Thousands)

 

Benefits

 
2025 $4,762 
2026  4,655 
2027  4,552 
2028  4,439 
2029  4,313 
2030 – 2034  19,354 

Total 10-year estimated future benefit payments

 $42,075 
v3.25.0.1
Note 10 - Stock-based Compensation and Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule Of Common Stock Shares Reserved For Issuance And Shares Available For Grant [Table Text Block]
  

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Shares of common stock available for future grants

  1,353,989   1,521,436   2,466,167 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]
  

Weighted-average

  

Time

  

Weight-average

     
  

Grant-Date

  

Based

  

Grant Date

  

Performance

 
  

Fair Value

  

Units

  

Fair Value

  

Based Units

 

Non-vested balance at December 31, 2021

 $10.37   776,113  $24.50   30,449 

Granted

  14.46   448,433   12.72   126,724 

Vested

  10.62   (355,226)  24.50   (15,225)

Cancelled/forfeited

  12.72   (3,000)  24.50   (15,224)

Non-vested balance at December 31, 2022

 $12.33   866,320  $12.72   126,724 

Granted

  40.45   247,874   39.91   61,856 

Vested

  13.08   (393,374)  —   — 

Cancelled/forfeited

  21.12   (11,827)  —   — 

Non-vested balance at December 31, 2023

 $21.58   708,993  $21.64   188,580 

Granted

  85.48   132,883   90.87   43,685 

Vested

  21.52   (361,644)  —   — 

Cancelled/forfeited

  38.04   (9,664)  —   — 

Non-vested balance at December 31, 2024

 $39.34   470,568  $34.66   232,265 

(In Thousands)

 

Year Ended December 31,

 
  2024  2023  2022 

Grant date fair value of restricted stock units vested

 $7,783  $5,407  $3,561 

Restricted stock unit compensation expense

  13,681   10,755   6,469 
v3.25.0.1
Note 11 - Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Stock by Class [Table Text Block]
  

December 31,

  

December 31,

 
  

2024

  

2023

 

Common stock shares authorized

  125,000,000   125,000,000 

Common stock par value

 $0.001  $0.001 

Common stock shares issued

  51,461,472   52,259,303 

Preferred stock shares authorized

  3,000,000   3,000,000 

Preferred stock par value

 

No par

  

No par

 

Preferred stock shares issued

  —   — 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

(In Thousands)

 Year Ended December 31, 
  2024  2023  2022 

Balance at December 31

 $5,266  $8,576  $2,668 

Unrealized gain (loss) on note receivable

  283   213   (496)

Pension benefits recognized in OCI

  511   (3,523)  6,404 

Balance at December 31

 $6,060  $5,266  $8,576 
v3.25.0.1
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]

(In Thousands)

      
  2024  2023 

Payroll and related payables

 $43,256  $34,989 

Accrued vessel expenses

  42,762   48,076 

Accrued interest expense

  16,727   17,128 

Other accrued expenses

  27,149   25,397 
  $129,894  $125,590 
Other Current Liabilities [Table Text Block]

(In Thousands)

      
  2024  2023 

Taxes payable

 $48,122  $44,461 

Other

  16,826   10,672 
  $64,948  $55,133 
Other Liabilities [Table Text Block]

(In Thousands)

      
  2024  2023 

Pension liabilities

 $17,525  $19,003 

Liability for uncertain tax positions

  24,582   27,319 

Other

  18,289   18,663 
  $60,396  $64,985 
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Americas:

            

Vessel revenues

 $261,929  $237,205  $146,871 
             

Vessel operating costs:

            

Crew costs

  87,545   86,328   56,767 

Repair and maintenance

  20,677   17,295   12,706 

Insurance

  2,034   1,891   1,439 

Fuel, lube and supplies

  13,635   13,175   9,655 

Other

  24,391   19,232   13,442 

Total vessel operating costs

  148,282   137,921   94,009 

General and administrative expense

  14,046   15,105   10,926 

Depreciation and amortization

  44,822   41,215   29,920 

Vessel operating profit

  54,779   42,964   12,016 
             

Additions to properties and equipment

 $5,980  $2,916  $4,468 
             

Total assets

 $350,126  $418,151  $309,985 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Asia Pacific:

            

Vessel revenues

 $210,328  $122,235  $64,231 
             

Vessel operating costs:

            

Crew costs

  88,968   41,940   29,433 

Repair and maintenance

  13,999   9,212   3,077 

Insurance

  1,197   794   516 

Fuel, lube and supplies

  8,834   5,251   4,139 

Other

  10,311   7,751   5,081 

Total vessel operating costs

  123,309   64,948   42,246 

General and administrative expense

  8,544   8,147   12,299 

Depreciation and amortization

  18,606   10,669   5,960 

Vessel operating profit

  59,869   38,471   3,726 
             

Additions to properties and equipment

 $2,157  $7,839  $317 
             

Total assets

 $173,587  $167,085  $148,684 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Middle East:

            

Vessel revenues

 $152,187  $135,375  $110,375 
             

Vessel operating costs:

            

Crew costs

  53,390   53,416   44,944 

Repair and maintenance

  17,595   16,187   12,210 

Insurance

  1,882   1,784   1,412 

Fuel, lube and supplies

  10,019   12,092   10,531 

Other

  24,076   17,127   9,015 

Total vessel operating costs

  106,962   100,606   78,112 

General and administrative expense

  11,320   9,254   9,120 

Depreciation and amortization

  30,135   26,566   24,236 

Vessel operating profit

  3,770   (1,051)  (1,093)
             

Additions to properties and equipment

 $1,260  $3,016  $3,911 
             

Total assets

 $180,286  $191,927  $197,054 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Europe/Mediterranean:

            

Vessel revenues

 $333,081  $230,217  $129,578 
             

Vessel operating costs:

            

Crew costs

  109,178   78,613   49,709 

Repair and maintenance

  28,288   17,029   9,239 

Insurance

  3,171   2,218   1,442 

Fuel, lube and supplies

  14,650   11,697   6,026 

Other

  18,864   13,758   8,426 

Total vessel operating costs

  174,151   123,315   74,842 

General and administrative expense

  12,726   10,063   8,158 

Depreciation and amortization

  92,331   63,152   27,734 

Vessel operating profit

  53,873   33,687   18,844 
             

Additions to properties and equipment

 $11,069  $7,320  $1,302 
             

Total assets

 $659,158  $671,626  $282,670 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

West Africa:

            

Vessel revenues

 $380,112  $273,961  $190,349 
             

Vessel operating costs:

            

Crew costs

  77,195   69,176   61,511 

Repair and maintenance

  17,817   18,993   14,024 

Insurance

  2,743   2,610   1,956 

Fuel, lube and supplies

  18,233   18,333   13,378 

Other

  24,415   20,613   17,223 

Total vessel operating costs

  140,403   129,725   108,092 

General and administrative expense

  9,495   9,281   10,611 

Depreciation and amortization

  53,782   36,508   28,534 

Vessel operating profit

  176,432   98,447   43,112 
             

Additions to properties and equipment

 $3,300  $19,593  $2,923 
             

Total assets

 $512,549  $421,054  $285,965 

(In Thousands)

 

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

World Wide:

            

Revenues:

            

Vessel revenues

 $1,337,637  $998,993  $641,404 

Other operating revenues

  8,198   10,992   6,280 

Total revenue

  1,345,835   1,009,985   647,684 
             

Vessel operating costs:

            

Crew costs

  416,276   329,473   242,364 

Repair and maintenance

  98,376   78,716   51,256 

Insurance

  11,027   9,297   6,765 

Fuel, lube and supplies

  65,371   60,548   43,729 

Other

  102,057   78,481   53,187 

Total vessel operating costs

  693,107   556,515   397,301 

Costs of other operating revenues

  3,555   4,342   2,130 

General and administrative expense

  56,131   51,850   51,114 

Depreciation and amortization

  239,676   178,110   116,384 

Operating profit

  353,366   219,168   80,755 

Corporate expenses

  (57,780)  (45,654)  (53,583)

Gain on asset dispositions, net

  15,762   8,701   250 

Long-lived asset impairments and other

  —   —   (714)

Operating income

 $311,348  $182,215  $26,708 
             

Segment additions to properties and equipment

 $23,766  $40,684  $12,921 

Corporate additions to properties and equipment

  3,814   5,168   3,716 

Total additions to properties and equipment

 $27,580  $45,852  $16,637 
             

Segment assets

 $1,875,706  $1,869,843  $1,224,358 

Corporate assets

  199,198   192,931   73,298 

Total assets

 $2,074,904  $2,062,774  $1,297,656 
Revenue from External Customers by Geographic Areas [Table Text Block]

(In Thousands)

 

Year Ended December 31,

 
  

2024

 

Countries:

    

United Kingdom

 $147,175 

Angola

  144,566 

Australia

  130,788 

Saudi Arabia

  129,333 

Norway

  112,167 

United Sates

  81,547 

Other (includes more than 30 countries)

  600,259 

Total revenues

 $1,345,835 
Entity Wide Major Customer Amount [Table Text Block]
  

Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Eni S.p.A

  12.3%  10.3%  * 

Chevron Corporation

  *   *   12.3%
v3.25.0.1
Note 15 - Restructuring Charges (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]
           Severance and     
  

Lease Exit Costs

  

Integration Costs

     

(In Thousands)

 

Europe/

          
  Mediterranean  Corporate  Company  Total 

Balance at January 1, 2022

 $1,147  $362  $—  $1,509 

Charges

  (146)  26   5,800   5,680 

Cash payments

  (376)  (388)  —   (764)

Balance at December 31, 2022

 $625  $—  $5,800  $6,425 

Charges

  27   —   —   27 

Cash payments

  (652)  —   (5,800)  (6,452)

Balance at December 31, 2023 and 2024

 $—  $—  $—  $— 
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual)
$ in Thousands, € in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 22, 2022
Jan. 31, 2025
USD ($)
Dec. 31, 2025
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 31, 2025
EUR (€)
Jun. 30, 2022
USD ($)
Highly Liquid Investments Maturity Period (Year)         3 years      
Inspection Interval (Year)         5 years      
Increase Of Amortization Period (Month)         30 months      
Number Of Offshore Supply Vessels         211 217    
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment and Tax         $ (0) $ (300)    
Wage and Sick Cost Refund, Amount         11,800 $ 6,100    
Debt Security, Corporate, Non-US [Member]                
Debt Instrument, Interest Rate, Stated Percentage               8.75%
PEMEX [Member]                
Accounts Receivable, before Allowance for Credit Loss, Current         700     $ 8,600
Debt Securities, Available-for-Sale, Sold at Par Value         $ 8,000      
Marine Equipment [Member]                
Property, Plant and Equipment, Salvage Value, Percentage         7.50%      
Marine Equipment [Member] | Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)         10 years      
Marine Equipment [Member] | Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)         20 years      
Property, Plant and Equipment, Other Types [Member] | Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)         3 years      
Property, Plant and Equipment, Other Types [Member] | Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)         10 years      
Actively Employed Vessels [Member]                
Number of Vessels         210 215    
Stacked Vessels [Member]                
Number of Vessels         1 2    
Alucat Crew Boats [Member]                
Number of Vessels         8      
Alucat Crew Boats, Expected Cost, Each         $ 4,000      
Alucat Crew Boats [Member] | Forecast [Member]                
Number of Vessels   5 1 6        
Alucat Crew Boats, Expected Cost, Each       $ 2,500        
Down Payment To Start Construction On Crew Boats       $ 2,900        
Alucat Crew Boats [Member] | Forecast [Member] | Supplier Facility Agreements for Five Vessels Delivered [Member]                
Debt Instrument, Face Amount   $ 9,700         € 9.4  
Alucat Crew Boats [Member] | West Africa [Member]                
Number of Vessels         2      
Alucat Crew Boats, Expected Cost, Each         $ 6,000      
Solstad Offshore ASA [Member]                
Number of Vessels, Offshore Support         37      
Swire Pacific Offshore Holdings Ltd. [Member]                
Number of Vessels, Offshore Support 50       50      
Swire Pacific Offshore Holdings Ltd. [Member] | Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)         1 year      
Swire Pacific Offshore Holdings Ltd. [Member] | Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)         16 years      
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Vessels and related equipment $ 1,727,197 $ 1,716,339
Other properties and equipment 28,969 32,447
Property, Plant and Equipment, Gross 1,756,166 1,748,786
Less accumulated depreciation and amortization 571,884 433,664
Net properties and equipment $ 1,184,282 $ 1,315,122
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Earnings Per Share Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income (loss) available to common stockholders $ 180,656 $ 97,185 $ (21,749)
Weighted average outstanding shares of common stock, basic (in shares) 52,452 51,591 44,132
Dilutive effect of options, warrants and stock awards (in shares) 619 1,346 0
Weighted average common stock and equivalents (in shares) 53,071 52,937 44,132
Basic income (loss) per common share (in dollars per share) $ 3.44 $ 1.88 $ (0.49)
Diluted income (loss) per common share (in dollars per share) $ 3.4 $ 1.84 $ (0.49)
Incremental "in-the-money" options, warrants, and restricted stock units outstanding at the end of the period (in shares) [1] 856 1,674 1,863
[1] For years ended December 31, 2023, 2022 and 2021 we also had 861, 5,923 and 5,923 shares respectively, of “out-of- the-money” warrants outstanding at the end of each period.
v3.25.0.1
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Activity in the Allowance for Credit Losses (Details) - Trade Accounts Receivable [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance $ 15,914 $ 14,060 $ 74,404
Current period provision for expected credit losses (1,430) 3,305 414
Acquisition of Sonatide joint venture     (59,678)
Other (331) (457) (1,080)
Write offs (10,969) [1] (1,484)  
Recoveries   490  
Balance $ 3,184 $ 15,914 $ 14,060
[1] Primarily the write off of the remaining balance due from our Nigerian joint venture.
v3.25.0.1
Note 2 - Acquisitions (Details Textual)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Jul. 05, 2023
USD ($)
Apr. 22, 2022
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
shares
Jul. 03, 2023
Dec. 31, 2021
Business Combination, Bargain Purchase, Gain Recognized, Amount       $ (0) $ (0) $ 1,300    
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]           Interest Income (Expense), Nonoperating    
Warrants Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member]                
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ / shares   $ 0.001       $ 0.001    
Swire Pacific Offshore Holdings Ltd. [Member]                
Number of Vessels, Offshore Support   50   50        
Payments to Acquire Businesses, Gross   $ 42,000            
Payments to Acquire Businesses, Preclosing Working Capital Adjustments   19,600            
Proceeds From Previous Acquisition, Post-closing Working Capital Refund   8,800 $ 8,800          
Business Combination, Consideration Transferred, Total   215,500            
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual           $ 149,700    
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual           14,800    
Proceeds From Previous Acquisition, Post-closing Working Capital Refund, in Excess of Original Estimate     $ 8,000          
Business Combination, Acquisition Related Costs       $ 100 $ 3,000 $ 18,800    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment   174,415   $ 174,400        
Property, Plant and Equipment, Original Lie of Asset (Year)       20 years        
Goodwill, Ending Balance   $ 0            
Swire Pacific Offshore Holdings Ltd. [Member] | Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)       1 year        
Swire Pacific Offshore Holdings Ltd. [Member] | Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)       16 years        
Swire Pacific Offshore Holdings Ltd. [Member] | Warrants Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member]                
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares   8,100,000       8,100,000    
Sonatide [Member]                
Payments to Acquire Businesses, Gross           $ 11,200    
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual           2,300    
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual           $ 800    
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage               49.00%
Equity Method Investment, Ownership Percentage by Other Owners               51.00%
Business Acquisition, Percentage of Voting Interests Acquired           51.00%    
Business Combination, Bargain Purchase, Gain Recognized, Amount           $ 1,300    
Unsecured Debt [Member]                
Debt Instrument, Interest Rate, Stated Percentage       10.375% 10.375%   10.375%  
Vessels From Solstad Offshore ASA [Member]                
Number of Platform Support Vessels 37              
Payments to Acquire Productive Assets $ 594,200              
Payments to Acquire Productive Assets, Gross, Before Adjustments 577,000              
Asset Acquisition, Provisional Information, Initial Accounting Incomplete, Adjustment, Purchase Price 3,000              
Asset Acquisition, Provisional Information, Initial Accounting Incomplete, Adjustment, Working Capital 3,200              
Asset Acquisition, Acquisition Related Costs 11,000              
Vessels From Solstad Offshore ASA [Member] | Lubricants [Member]                
Asset Acquisition, Provisional Information, Initial Accounting Incomplete, Adjustment, Working Capital $ 1,300              
v3.25.0.1
Note 2 - Acquisitions - Assets Acquired (Details) - Vessels From Solstad Offshore ASA [Member]
$ in Thousands
Jul. 05, 2023
USD ($)
Marine operating supplies $ 1,891
Net properties and equipment 601,000
Total assets 602,891
Other current liabilities (A) 8,600 [1]
Other liabilities (A) 1,400 [1]
Total liabilities 10,000
Net assets acquired 592,891
Vessel operating costs (B) 1,300 [2]
Purchase consideration $ 594,191
[1] Current and long-term liabilities related to certain existing charter contracts accompanying the acquired Solstad Vessels that are below current market rates. These liabilities will be ratably amortized into revenue over the life of the related contracts.
[2] The working capital adjustment included $1.3 million for lubricants which are expensed by Tidewater.
v3.25.0.1
Note 2 - Acquisitions - Provisional Amounts for Acquired Assets and Liabilities (Details) - Swire Pacific Offshore Holdings Ltd. [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Apr. 22, 2022
Assets      
Cash     $ 33,152
Trade and other receivables     64,621
Marine operating supplies     5,122
Assets held for sale     2,500
Prepaid expenses and other current assets     4,174
Net properties and equipment $ 174,400   174,415
Indemnification assets (A) $ 11,946 $ 17,370 32,279
Other assets     1,153
Total assets     317,416
Accounts payable     1,594
Accrued expenses     54,924
Other current liabilities     28,511
Other liabilities     16,886
Total liabilities     101,915
Net assets acquired     $ 215,501
v3.25.0.1
Note 2 - Acquisitions - Proforma Results (Details) - Swire Pacific Offshore Holdings Ltd. [Member]
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Revenues $ 714,783
Net loss $ (22,899)
v3.25.0.1
Note 2 - Acquistions - Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liabilities      
Bargain purchase gain $ (0) $ (0) $ 1,300
Sonatide [Member]      
Assets      
Current assets     12,894
Net properties and equipment and other assets     2,907
Total assets     15,801
Liabilities      
Current liabilities     283
Other liabilities     2,995
Total liabilities     3,278
Net assets acquired     11,223
Bargain purchase gain     $ 1,300
v3.25.0.1
Note 3 - Revenue Recognition (Details Textual) - Vessel [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract with Customer, Liability, Revenue Recognized $ 3.8  
Other Current Assets [Member]    
Contract with Customer, Asset, after Allowance for Credit Loss, Current 1.1  
Other Assets [Member]    
Contract with Customer, Asset, after Allowance for Credit Loss, Current 0.6 $ 2.9
Other Current Liabilities [Member]    
Contract with Customer, Liability, Current 9.4  
Other Liabilities [Member]    
Contract with Customer, Liability, Current $ 2.1 1.8
Prepaid Expenses and Other Current Assets [Member]    
Contract with Customer, Asset, after Allowance for Credit Loss, Current   5.4
Accounts Payable and Accrued Liabilities [Member]    
Contract with Customer, Liability, Current   $ 5.0
v3.25.0.1
Note 4 - Debt (Details Textual)
$ in Thousands, € in Millions
 1 Months Ended 12 Months Ended
Jul. 05, 2023
USD ($)
Nov. 16, 2021
USD ($)
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jan. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Jul. 03, 2023
USD ($)
Long-Term Debt, Current Maturities       $ 65,386     $ 103,077  
Restricted Cash, Current       $ 2,032     1,241  
Alucat Crew Boats [Member]                
Number of Vessels       8        
Subsequent Event [Member] | Alucat Crew Boats [Member]                
Number of Vessels     5          
Revolving Credit Facility [Member]                
Line of Credit Facility, Maximum Borrowing Capacity   $ 25,000            
Long-term Line of Credit, Total             0  
Debt Instrument, Mandatory Prepayment, Minimum Aggregate Nominal Amount Outstanding   $ 75,000            
Prime Rate [Member] | Revolving Credit Facility [Member]                
Debt Instrument, Basis Spread on Variable Rate   4.00%            
Nordic Bond [Member]                
Debt Instrument, Face Amount   $ 175,000            
Debt Instrument, Fair Value Disclosure       $ 180,800     181,700  
Debt Instrument, Interest Rate, Stated Percentage   8.50%            
Debt Instrument, Issue Price Percentage   98.50%            
Debt Instrument, Monthly Deposit into Reserve Account, Percentage of Interest Payment   16.67%            
Debt Instrument, Covenant, Minimum Free Liquidity Amount   $ 20,000            
Debt Instrument, Covenant, Minimum Free Liquidity, Percentage of Net Interest Bearing Debt   10.00%            
Debt Instrument, Covenant, Percentage of Minimum Equity Ratio   30.00%            
Restricted Cash, Current       1,200        
Nordic Bond [Member] | GOLP and TMII [Member]                
Debt Instrument, Collateral, Percentage of Equity Interests   66.00%            
The 8.00% Senior Secured Notes due August 2022 [Member]                
Long-Term Debt, Gross       $ 175,000     $ 175,000  
Debt Instrument, Interest Rate, Stated Percentage   8.00%   8.50%   8.50% 8.50%  
Supplier Facility Agreements for Four Vessels Delivered [Member]                
Debt Instrument, Face Amount       $ 15,200   € 13.9    
Supplier Facility Agreements for Four Vessels Delivered [Member] | Minimum [Member]                
Debt Instrument, Interest Rate, Stated Percentage       2.70%   2.70%    
Supplier Facility Agreements for Four Vessels Delivered [Member] | Maximum [Member]                
Debt Instrument, Interest Rate, Stated Percentage       6.30%   6.30%    
Supplier Facility Agreements for Five Vessels Delivered [Member] | Subsequent Event [Member] | Alucat Crew Boats [Member]                
Debt Instrument, Face Amount     $ 9,700   € 9.4      
Supplier Facility Agreements for Five Vessels Delivered [Member] | Minimum [Member] | Subsequent Event [Member] | Alucat Crew Boats [Member]                
Debt Instrument, Interest Rate, Stated Percentage     5.20%   5.20%      
Supplier Facility Agreements for Five Vessels Delivered [Member] | Maximum [Member] | Subsequent Event [Member] | Alucat Crew Boats [Member]                
Debt Instrument, Interest Rate, Stated Percentage     5.40%   5.40%      
Secured Debt [Member]                
Debt Instrument, Face Amount $ 325,000              
Long-Term Debt, Gross 318,300     $ 212,500     $ 312,500  
Debt Instrument, Covenant, Free Liquidity Test, Amount $ 20,000              
Debt Instrument, Covenant, Free Liquidity Test, Percentage 10.00%              
Debt Instrument, Covenant, Minimum Equity Ratio 30.00%              
Debt Instrument, Fair Value Disclosure       218,200     313,700  
Secured Debt [Member] | Tranche A Term Loan [Member]                
Debt Instrument, Face Amount $ 100,000              
Long-Term Debt, Current Maturities 50,000              
Long-Term Line of Credit, Noncurrent $ 50,000              
Secured Debt [Member] | Tranche A Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                
Debt Instrument, Basis Spread on Variable Rate 5.00%              
Secured Debt [Member] | Tranche A Term Loan [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                
Debt Instrument, Basis Spread on Variable Rate 8.00%              
Secured Debt [Member] | Tranche B Term Loan [Member]                
Debt Instrument, Face Amount $ 225,000              
Debt Instrument, Term (Year) 3 years              
Debt Instrument, Final Payment $ 50,000              
Secured Debt [Member] | Tranche B Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                
Debt Instrument, Basis Spread on Variable Rate 3.75%              
Secured Debt [Member] | Tranche B Term Loan [Member] | Minimum [Member]                
Debt Instrument, Periodic Payment $ 12,500              
Secured Debt [Member] | Tranche B Term Loan [Member] | Maximum [Member]                
Debt Instrument, Periodic Payment $ 25,000              
Unsecured Debt [Member]                
Debt Instrument, Face Amount               $ 250,000
Long-Term Debt, Gross       250,000     250,000 243,100
Debt Instrument, Covenant, Free Liquidity Test, Amount               $ 20,000
Debt Instrument, Covenant, Free Liquidity Test, Percentage               10.00%
Debt Instrument, Covenant, Minimum Equity Ratio               30.00%
Debt Instrument, Fair Value Disclosure       $ 266,100     $ 260,200  
Debt Instrument, Interest Rate, Stated Percentage       10.375%   10.375% 10.375% 10.375%
v3.25.0.1
Note 4 - Debt - Summary of Debt Outstanding (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jul. 05, 2023
Jul. 03, 2023
Debt discount and issuance costs $ (10,791) $ (17,213)    
Less: Current portion of long-term debt (65,386) (103,077)    
Total long-term debt 571,710 631,361    
The 8.00% Senior Secured Notes due August 2022 [Member]        
Long-term debt, gross 175,000 175,000    
Supplier Facility Agreements [Member]        
Long-term debt, gross 10,387 14,151    
Secured Debt [Member]        
Long-term debt, gross 212,500 312,500 $ 318,300  
Unsecured Debt [Member]        
Long-term debt, gross $ 250,000 $ 250,000   $ 243,100
v3.25.0.1
Note 4 - Debt - Summary of Debt Outstanding (Details) (Parentheticals)
Dec. 31, 2024
Dec. 31, 2023
Jul. 03, 2023
Nov. 16, 2021
The 8.00% Senior Secured Notes due August 2022 [Member]        
Interest rate 8.50% 8.50%   8.00%
Unsecured Debt [Member]        
Interest rate 10.375% 10.375% 10.375%  
v3.25.0.1
Note 4 - Debt - Interest and Debt Costs Incurred, Net of Interest Capitalized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total interest and debt costs incurred $ 73,218 $ 48,742 $ 17,413
Less: interest costs capitalized (251) (270) (224)
Total interest and debt costs $ 72,967 $ 48,472 $ 17,189
v3.25.0.1
Note 4 - Debt - Schedule of Maturities of Long-term Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2025 $ 65,386
2026 327,903
2027 2,902
2028 251,696
Total $ 647,887
v3.25.0.1
Note 5 - Investment in Unconsolidated Affiliates (Details Textual) - DTDW [Member]
Dec. 31, 2021
Equity Method Investment, Ownership Percentage 40.00%
Equity Method Investment, Ownership Percentage by Other Owners 60.00%
v3.25.0.1
Note 6 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00%    
Annual Limitation Of Companys Ownership Change $ 15,000    
Deferred Tax Assets, Valuation Allowance 532,994 $ 591,720  
Undistributed Earnings of Foreign Subsidiaries 220,300    
Unrecognized Tax Benefits, Income Tax Penalties Accrued 9,400 13,600  
Foreign Tax Credits and Other Tax Attributes     $ 157,700
Unrecognized Tax Benefits, Period Increase (Decrease) 5,800    
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 21,000 20,900  
Gulf Mark Offshore Inc [Member]      
Annual Limitation Of Companys Ownership Change 5,600    
Domestic Tax Jurisdiction [Member]      
Operating Loss Carryforwards 216,500 320,800  
Domestic Tax Jurisdiction [Member] | Foreign Tax Credit [Member]      
Tax Credit Carryforward, Amount 406,400    
Domestic Tax Jurisdiction [Member] | Expiring in 2035 [Member]      
Operating Loss Carryforwards 33,700    
Domestic Tax Jurisdiction [Member] | Indefinite Carryforwards [Member]      
Operating Loss Carryforwards 182,800    
Domestic Tax Jurisdiction [Member] | IRC Section382 Limitation [Member]      
Operating Loss Carryforwards 70,100 $ 131,000  
Foreign Tax Jurisdiction [Member]      
Operating Loss Carryforwards 377,000    
Tax Credit Carryforward, Amount $ 7,400    
v3.25.0.1
Note 6 - Income Taxes - Income (Loss) Before Income Tax Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-U.S. $ 262,012 $ 174,103 $ 41,408
United States (32,524) (35,174) (43,715)
Income (loss) before income taxes $ 229,488 $ 138,929 $ (2,307)
v3.25.0.1
Note 6 - Income Taxes - Components of Income Tax Expense Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current, federal $ 148 $ 0 $ 0
Current, state 11 1 8
Current, non-U.S. 52,864 43,215 19,842
Current, total 53,023 43,216 19,850
Deferred, federal 0 0 0
Deferred, state 0 0 0
Deferred, non-U.S. (2,807) 92 36
Deferred, total (2,807) 92 36
Federal 148 0 0
State 11 1 8
Non-U.S. 50,057 43,307 19,878
Income Tax Expense (Benefit) $ 50,216 $ 43,308 $ 19,886
v3.25.0.1
Note 6 - Income Taxes - Income Tax Expense Benefit Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Computed “expected” tax expense (benefit) $ 48,192 $ 29,175 $ (484)
Foreign income taxed at different rates (50,669) (35,088) (7,240)
Uncertain tax positions (A) (787) (1,401) (7,885)
Nondeductible transaction costs (710) (898) 5,410
Valuation allowance - deferred tax assets (A) (28,040) (83) 11,339
Valuation allowance - deferred tax true-up (1,831) 390 (453)
Deferred tax true-up 1,831 (390) 453
Foreign taxes 52,842 36,339 27,945
Net GILTI Inclusion 22,249 2,705 0
Return to accrual 4,500 (8,079) (12,162)
Restructuring 0 13,896 0
Share based compensation (13,177) (1,470) 0
162(m) - Executive compensation 11,995 2,107 552
Subpart F income 3,700 6,664 3,495
Other, net 121 (559) (1,084)
Income Tax Expense (Benefit) $ 50,216 $ 43,308 $ 19,886
v3.25.0.1
Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued employee benefit plan costs $ 7,673 $ 6,678
Stock based compensation 3,178 1,838
Net operating losses 134,280 183,004
Tax credit carryforwards 413,873 413,089
Disallowed business interest expense carryforward 15,556 14,764
Capital loss carryforward 5,261 5,607
Other 4,273 7,195
Gross deferred tax assets 584,094 632,175
Less valuation allowance (532,994) (591,720)
Net deferred tax assets 51,100 40,455
Depreciation and amortization (45,856) (40,294)
Outside basis difference deferred tax liability (2,891) (2,891)
Foreign interest withholding tax (1,512) (1,154)
Other (290) 1,628
Gross deferred tax liabilities (50,549) (42,711)
Net deferred tax assets (liabilities) $ 551  
Net deferred tax assets (liabilities)   $ (2,256)
v3.25.0.1
Note 6 - Income Taxes - Uncertain Tax Positions and Income Tax Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Tax liabilities for uncertain tax positions $ 24,582 $ 27,319
Income tax payable 30,069 30,909
Income tax receivable $ 5,396 $ 3,354
v3.25.0.1
Note 6 - Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance $ 13,686 [1] $ 177,382 [1] $ 333,653
Additions based on tax positions related to the current year 5,909 212 744
Additions based on tax positions related to a prior year 53 1,869 10,155
Settlement and lapse of statute of limitations (3,551) (165,065) (167,170)
Reductions based on tax positions related to a prior year (889) (712)  
Balance $ 15,208 $ 13,686 [1] $ 177,382 [1]
[1] The gross balance reported as uncertain tax positions is largely offset by $157.7 million of foreign tax credits and other tax attributes.
v3.25.0.1
Note 7 - Leases (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Lease, Payments $ 3.5 $ 3.8 $ 2.4
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 6.7 $ 3.1 $ 5.0
Minimum [Member]      
Lessee, Operating Lease, Renewal Term (Year) 1 year    
Maximum [Member]      
Lessee, Operating Lease, Renewal Term (Year) 26 years    
v3.25.0.1
Note 7 - Leases - Operating Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating $ 11,152 $ 7,212
Operating 4,904 1,793
Operating 5,914 5,302
Present value of lease liabilities $ 10,818 $ 7,095
v3.25.0.1
Note 7 - Leases - Operating Lease Assets and Liabilities (Details) (Parentheticals)
Dec. 31, 2024
Dec. 31, 2023
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.25.0.1
Note 7 - Leases - Maturity of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 5,846  
2026 1,898  
2027 1,352  
2028 987  
2029 686  
After 2029 1,606  
Total lease payments 12,375  
Less: Interest (1,557)  
Present value of lease liabilities $ 10,818 $ 7,095
v3.25.0.1
Note 7 - Leases - Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating lease costs $ 1,699 $ 1,798 $ 1,485
Short-term leases 2,587 2,496 3,088
Variable lease costs 381 648 494
Net lease cost $ 4,667 $ 4,942 $ 5,067
v3.25.0.1
Note 7 - Leases - Lease Term and Discount Rate (Details)
Dec. 31, 2024
Weighted average remaining lease term in years (Year) 2 years
Weighted average discount rate 7.69%
v3.25.0.1
Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Number of Vessels Sold 6 7 12
Number of Vessels, Held for Sale, Addition     3
Number of Vessels, Transfer from Held for Sale to Active Fleet   8 1
Number of Vessels, Held for Sale 0 0 8
Proceeds from Sale of Vessels and Other Assets $ 19,300 $ 15,500 $ 13,600
Impairment Charge Recaptured     500
Asset Impairment Charges, Total 0 0 714
Vessel, Obsolete Inventory [Member]      
Asset Impairment Charges, Total $ 0 $ 0 $ 1,200
v3.25.0.1
Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments - Activity in Assets Held for Sale (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Beginning balance 0 8  
Additions     3
Ending balance 0 0 8
Vessels Held for Sale [Member]      
Beginning balance 0 8 18
Beginning balance $ 0 $ 4,195 $ 14,421
Additions 0 0 3
Additions $ 0 $ 0 $ 2,561
Sales 0 (8) (12)
Sales $ 0 $ (4,195) $ (11,287)
Reactivation 0 0 (1)
Reactivation $ 0 $ 0 $ (1,500)
Ending balance 0 0 8
Ending balance $ 0 $ 0 $ 4,195
v3.25.0.1
Note 8 - Assets Held for Sale, Asset Sales and Asset Impairments - Summary of Vessel Sales and Gains on Sales of Vessels (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Gain on sale of vessels $ 15,762 $ 8,701 $ 250
Total vessels sold/recycled 6 7 12
Vessels Held for Sale [Member]      
Gain on sale of vessels $ 0 $ 3,088 $ 5
Vessels sold/recycled from assets held for sale (0) 8 12
Vessels, Active Fleet [Member]      
Vessels sold from active fleet 6 7 2
Gain on sale of vessels $ 15,677 $ 5,613 $ 553
Vessel [Member]      
Gain on sale of vessels $ 15,677 $ 8,701 $ 558
Total vessels sold/recycled 6 15 14
v3.25.0.1
Note 9 - Employee Retirement Plans (Details Textual) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Oct. 31, 2021
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash       $ 0 $ (2,313) $ 0
Defined Benefit Plan, Plan Assets, Contributions by Employer       1,599 1,603 $ 1,603
Defined Benefit Plan Concentration Risk Assets Equity Securities Difference Plan Assets And Liabilities           25.00%
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase       200 $ 3,000  
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale       2,900    
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year       $ 0    
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate   5.25%   5.65% 5.25%  
Pension Plan [Member]            
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year       $ 200    
Defined Benefit Plan, Benefit Obligation, Payment for Settlement   $ 2,200 $ 11,800      
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash   $ 500 $ (1,800)      
Supplemental Employee Retirement Plan [Member]            
Defined Benefit Plan, Plan Assets, Contributions by Employer       1,400 $ 1,600 $ 1,600
Defined Contribution Saving Plan, A401 K [Member]            
Defined Benefit Plan, Plan Assets, Contributions by Employer       $ 500 $ 400 $ 300
Defined Contribution Plan, Percent, Contributed By Employee Minimum       2.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent       75.00%    
Defined Contribution Plan, Employer Matching Contribution, Percent of Match 50.00%          
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 6.00%          
Defined Benefit Plan, Plan Assets, Employer, Related Party, Number of Shares (in shares)   0   0 0  
Multinational Retirement Plan [Member]            
Defined Contribution Plan, Percent, Contributed By Employee Minimum       1.00%    
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent       50.00%    
Merchant Navy Officers Pension Fund [Member]            
Postemployment Benefits Liability   $ 1,500   $ 1,600 $ 1,500  
Postemployment Benefits, Period Expense       $ 200    
v3.25.0.1
Note 9 - Employee Retirement Plans - Allocation of Plan Assets (Details) - UNITED STATES
Dec. 31, 2024
Dec. 31, 2023
Target Allocation 100.00%  
Weighted Average Allocation   100.00%
Defined Benefit Plan, Cash [Member]    
Target Allocation 2.00%  
Weighted Average Allocation   3.00%
Defined Benefit Plan, Alternative Securities [Member]    
Target Allocation 9.00%  
Weighted Average Allocation   18.00%
Defined Benefit Plan, Debt Security [Member]    
Target Allocation 40.00%  
Weighted Average Allocation   33.00%
Defined Benefit Plan, Equity Securities [Member]    
Target Allocation 49.00%  
Weighted Average Allocation   46.00%
v3.25.0.1
Note 9 - Employee Retirement Plans - Pension Plan Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair value of plan assets $ 30,255 $ 30,843 $ 45,378 $ 56,779
Pension Plan [Member]        
Fair value of plan assets 30,254 30,843    
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair value of plan assets 17,119 14,508    
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair value of plan assets 10,504 10,831    
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair value of plan assets 2,631 5,504    
Pension Plan [Member] | Fair Value Measured at Net Asset Value Per Share [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member]        
Fair value of plan assets 14,927 14,269    
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair value of plan assets 14,927 14,212    
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair value of plan assets 0 57    
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member]        
Fair value of plan assets 11,962 10,058    
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair value of plan assets 2,192 296    
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair value of plan assets 9,770 9,762    
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | Fair Value Measured at Net Asset Value Per Share [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Alternative Securities [Member]        
Fair value of plan assets 2,631 5,504    
Pension Plan [Member] | Defined Benefit Plan, Alternative Securities [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Alternative Securities [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Alternative Securities [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair value of plan assets 2,631 5,504    
Pension Plan [Member] | Defined Benefit Plan, Alternative Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member]        
Fair value of plan assets 734 1,012    
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]        
Fair value of plan assets 734 1,012    
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair value of plan assets 0 0    
Pension Plan [Member] | Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value Measured at Net Asset Value Per Share [Member]        
Fair value of plan assets $ 0 $ 0    
v3.25.0.1
Note 9 - Employee Retirement Plans - Net Funded Status (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Benefit obligation at beginning of the period $ 50,097 $ 64,273 $ 84,308
Interest cost 2,572 2,873 2,313
Benefits paid (4,371) (5,104) (5,667)
Actuarial (gain) loss (A) [1] (250) 1,916 (16,681)
Settlement 0 (13,861) 0
Benefit obligation at end of the period 48,048 50,097 64,273
Fair value of plan assets at beginning of the period 30,843 45,378 56,779
Actual return 2,184 2,827 (7,337)
Defined Benefit Plan, Plan Assets, Contributions by Employer 1,599 1,603 1,603
Benefits paid (4,371) (5,104) (5,667)
Settlement 0 (13,861) 0
Fair value of plan assets at end of the period 30,255 30,843 45,378
Unfunded status at end of the period (17,793) (19,254) (18,895)
Current liabilities (1,567) (1,572) (1,575)
Noncurrent liabilities (16,226) (17,682) (17,320)
Net amount recognized $ (17,793) $ (19,254) $ (18,895)
[1] The change in the actuarial (gain) loss for the three years ended December 31, 2024 was primarily attributable to changes in the discount rate.
v3.25.0.1
Note 9 - Employee Retirement Plans - Net Funded Status (Details) (Parentheticals)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
v3.25.0.1
Note 9 - Employee Retirement Plans - Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Projected and accumulated benefit obligation $ 48,048 $ 50,097 $ 64,273 $ 84,308
Fair value of plan assets $ 30,255 $ 30,843 $ 45,378 $ 56,779
v3.25.0.1
Note 9 - Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest cost $ 2,572 $ 2,873 $ 2,313
Pension Plan And Supplemental Plan [Member]      
Interest cost 2,572 2,873 2,313
Expected return on plan assets (1,828) (2,111) (3,006)
Amortization of net actuarial gains (losses) (94) (146) 63
Settlement/curtailment gain 0 (2,177) 0
Net periodic pension cost (benefit) $ 650 $ (1,561) $ (630)
v3.25.0.1
Note 9 - Employee Benefit Plans - Net Periodic Benefit Costs (Details) (Parentheticals)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
v3.25.0.1
Note 9 - Employee Retirement Plans - Amounts Recognized In Other Comprehensive Income Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan [Member]      
Total net (gain) loss recognized in other comprehensive (income) loss $ (511) $ 3,522 $ (6,404)
v3.25.0.1
Note 9 - Employee Retirement Plans - Assumptions of Net Periodic Costs (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Discount rate 5.30% 5.50%
Expected long-term rate of return on assets 6.30% 6.40%
v3.25.0.1
Note 9 - Employee Retirement Plans - Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
2025 $ 4,762
2026 4,655
2027 4,552
2028 4,439
2029 4,313
2030 – 2034 19,354
Total 10-year estimated future benefit payments $ 42,075
v3.25.0.1
Note 10 - Stock-based Compensation and Incentive Plans (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 22, 2021
Apr. 15, 2020
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount     $ 17.9 $ 14.4 $ 10.0
Employee Service Sharebased Compensation Nonvested Awards Compensation Cost Not Yet Recognized Net Of Tax     $ 14.2 $ 11.4 $ 7.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)     2 years    
Time-Based Restricted Stock Units [Member] | During Fiscal 2023 [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number (in shares)     250,000    
A2017 Incentive Plan [Member] | Plan Of Reorganization [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)     3 years    
A2017 Incentive Plan [Member] | Plan Of Reorganization [Member] | Restricted Stock Units (RSUs) [Member] | Director [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)     1 year    
Stock Option Plan [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) 259,158 344,598      
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) $ 18.09 $ 6.48      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) 3.69 3.23      
Share Price (in dollars per share) $ 12.72 $ 5.81      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)     0    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)     0    
Stock Option Plan [Member] | Share-Based Payment Arrangement, Option [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years 3 years      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate 47.50% 63.00%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate 2.00% 0.00%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Discount Rate 1.03% 1.50%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) 10 years 10 years      
v3.25.0.1
Note 10 - Stock-based Compensation and Incentive Plans - Common Stock Shares Reserved for Issuance and Shares Available for Grant (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares of common stock available for future grants (in shares) 1,353,989 1,521,436 2,466,167
v3.25.0.1
Note 10 - Stock-based Compensation and Incentive Plans - Share based Compensation Restricted Stock and Restricted Stock Units Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Grant date fair value of restricted stock units vested $ 7,783 $ 5,407 $ 3,561
Restricted Stock Units (RSUs) [Member]      
Restricted stock unit compensation expense $ 13,681 $ 10,755 $ 6,469
Restricted Stock Units (RSUs) [Member] | Time Based Shares [Member]      
Balance (in dollars per share) $ 21.58 $ 12.33 $ 10.37
Balance (in shares) 708,993 866,320 776,113
Granted (in dollars per share) $ 85.48 $ 40.45 $ 14.46
Granted (in shares) 132,883 247,874 448,433
Vested (in dollars per share) $ 21.52 $ 13.08 $ 10.62
Vested (in shares) (361,644) (393,374) (355,226)
Cancelled/forfeited (in dollars per share) $ 38.04 $ 21.12 $ 12.72
Cancelled/forfeited (in shares) (9,664) (11,827) (3,000)
Balance (in dollars per share) $ 39.34 $ 21.58 $ 12.33
Balance (in shares) 470,568 708,993 866,320
Restricted Stock Units (RSUs) [Member] | Performance Based Shares [Member]      
Balance (in dollars per share) $ 21.64 $ 12.72 $ 24.5
Balance (in shares) 188,580 126,724 30,449
Granted (in dollars per share) $ 90.87 $ 39.91 $ 12.72
Granted (in shares) 43,685 61,856 126,724
Vested (in dollars per share) $ 0 $ 0 $ 24.5
Vested (in shares) 0 0 (15,225)
Cancelled/forfeited (in dollars per share) $ 0 $ 0 $ 24.5
Cancelled/forfeited (in shares) 0 0 (15,224)
Balance (in dollars per share) $ 34.66 $ 21.64 $ 12.72
Balance (in shares) 232,265 188,580 126,724
v3.25.0.1
Note 11 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 07, 2024
Aug. 06, 2024
May 02, 2024
Nov. 10, 2022
Aug. 12, 2022
Jun. 24, 2022
Apr. 22, 2022
Dec. 31, 2023
Jul. 31, 2023
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Feb. 29, 2024
Nov. 30, 2023
Stock Repurchased During Period, Shares (in shares)                         0      
Dividends, Common Stock, Cash                     $ 0 $ 0 $ 0      
Class Of Warrant Or Right, Issued During Period (in shares)                           11,543,814    
Proceeds from Warrant Exercises                     4 111,483 0      
Proceeds from Issuance of Common Stock                     $ 0 $ 0 187,832      
Common Shares [Member]                                
Stock Issued During Period, Shares, New Issues (in shares)       3,987,914 4,048,000                      
Share Price (in dollars per share)       $ 30.25 $ 17.85                      
Proceeds from Issuance of Common Stock                         $ 187,800      
Class of Warrant or Right, Redeemed and Canceled (in shares)                         8,035,914      
New Creditor Warrants [Member]                                
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                           $ 0.001    
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)                           1    
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                     76,175          
GLF Equity Warrants [Member]                                
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                     $ 0.01          
Class Of Warrant Or Right, Assumed During Period (in shares)                     2,300,000          
Class of Warrant or Right, Outstanding (in shares)                     77,204          
Equity Warrants [Member]                                
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                     $ 100          
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)                     1.1          
Class Of Warrant Or Right, Assumed During Period (in shares)                     800,000          
Series A Warrants [Member]                                
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                           $ 57.06    
Series B Warrants [Member]                                
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)                           $ 62.28    
Series A and B Warrants [Member]                                
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                 1,900,000              
Class of Warrant or Right, Outstanding (in shares)                 2,000,000              
Proceeds from Warrant Exercises                 $ 111,500              
Class of Warrant or Right, Expired (in shares)                 3,100,000              
Warrants Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member]                                
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share)             $ 0.001           $ 0.001      
Share Price (in dollars per share)           $ 21.83 $ 20.08                  
Adjustments to Additional Paid in Capital, Warrant Issued           $ 176,800                    
Fair Value Adjustment of Warrants           $ 14,200                    
Indemnification Agreement, Settlement of Warrants, Value                         $ 1,400      
Indemification Agreement, Settlement of Warrants (in shares)                         64,086      
Warrants Issued to Acquire Swire Pacific Offshore Holdings Ltd. [Member] | Swire Pacific Offshore Holdings Ltd. [Member]                                
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)             8,100,000           8,100,000      
Share Repurchase Program [Member]                                
Stock Repurchase Program, Authorized Amount                             $ 48,600 $ 35,000
Stock Repurchased and Retired During Period, Shares (in shares)               590,499     1,384,186          
Stock Repurchased and Retired During Period, Value                   $ 35,000 $ 90,700          
Share Repurchase Program, Excise Tax, Percent                   1.00% 1.00%          
Share Repurchase Program, Increase in Authorized Amount $ 10,100 $ 13,900 $ 18,100                          
v3.25.0.1
Note 11 - Stockholders' Equity - Stock by Class (Details) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Common stock shares authorized (in shares) 125,000,000 125,000,000
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock shares issued (in shares) 51,461,472 52,259,303
Preferred stock shares authorized (in shares) 3,000,000 3,000,000
Preferred stock par value (in dollars per share) $ 0 $ 0
Preferred stock shares issued (in shares) 0 0
v3.25.0.1
Note 11 - Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance at December 31 $ 1,037,697 $ 865,990 $ 701,769
Unrealized gain (loss) on note receivable 283 213 (496)
Balance at December 31 1,111,185 1,037,697 865,990
AOCI Attributable to Parent [Member]      
Balance at December 31 5,266 8,576 2,668
Unrealized gain (loss) on note receivable 283 213 (496)
Balance at December 31 6,060 5,266 8,576
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]      
Before reclassifications $ 511 $ (3,523) $ 6,404
v3.25.0.1
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payroll and related payables $ 43,256 $ 34,989
Accrued vessel expenses 42,762 48,076
Accrued interest expense 16,727 17,128
Other accrued expenses 27,149 25,397
Accrued Liabilities, Current $ 129,894 $ 125,590
v3.25.0.1
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Summary of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Taxes payable $ 48,122 $ 44,461
Other 16,826 10,672
Other Liabilities, Current $ 64,948 $ 55,133
v3.25.0.1
Note 13 - Accrued Expenses, Other Current Liabilities, and Other Liabilities - Other liabilities and Deferred Credits (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Pension liabilities $ 17,525 $ 19,003
Liability for uncertain tax positions 24,582 27,319
Other 18,289 18,663
Other Liabilities, Noncurrent $ 60,396 $ 64,985
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers (Details Textual)
 12 Months Ended
Dec. 31, 2024
Number of Operating Segments 5
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers - Segment Reporting Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 1,345,835 $ 1,009,985 $ 647,684
Total vessel operating costs 693,107 556,515 397,301
General and Administrative Expense 110,817 95,283 101,921
Depreciation and amortization 242,770 180,331 119,160
Additions to properties and equipment 27,580 45,852 16,637
Total assets 2,074,904 2,062,774 1,297,656
Costs of other operating revenues 3,555 4,342 2,130
Corporate expenses 1,034,487 827,770 620,976
Gain on asset dispositions, net 15,762 8,701 250
Long-lived asset impairments and other 0 0 (714)
Operating income 311,348 182,215 26,708
Operating Segments [Member]      
Revenue 1,345,835 1,009,985 647,684
Crew costs 416,276 329,473 242,364
Repair and maintenance 98,376 78,716 51,256
Insurance 11,027 9,297 6,765
Fuel, lube and supplies 65,371 60,548 43,729
Other 102,057 78,481 53,187
Total vessel operating costs 693,107 556,515 397,301
General and Administrative Expense 56,131 51,850 51,114
Depreciation and amortization 239,676 178,110 116,384
Operating profit 353,366 219,168 80,755
Additions to properties and equipment 23,766 40,684 12,921
Total assets 1,875,706 1,869,843 1,224,358
Costs of other operating revenues 3,555 4,342 2,130
Operating Segments [Member] | Americas [Member]      
Crew costs 87,545 86,328 56,767
Repair and maintenance 20,677 17,295 12,706
Insurance 2,034 1,891 1,439
Fuel, lube and supplies 13,635 13,175 9,655
Other 24,391 19,232 13,442
Total vessel operating costs 148,282 137,921 94,009
General and Administrative Expense 14,046 15,105 10,926
Depreciation and amortization 44,822 41,215 29,920
Operating profit 54,779 42,964 12,016
Additions to properties and equipment 5,980 2,916 4,468
Total assets 350,126 418,151 309,985
Operating Segments [Member] | Asia Pacific [Member]      
Crew costs 88,968 41,940 29,433
Repair and maintenance 13,999 9,212 3,077
Insurance 1,197 794 516
Fuel, lube and supplies 8,834 5,251 4,139
Other 10,311 7,751 5,081
Total vessel operating costs 123,309 64,948 42,246
General and Administrative Expense 8,544 8,147 12,299
Depreciation and amortization 18,606 10,669 5,960
Operating profit 59,869 38,471 3,726
Additions to properties and equipment 2,157 7,839 317
Total assets 173,587 167,085 148,684
Operating Segments [Member] | Middle East [Member]      
Crew costs 53,390 53,416 44,944
Repair and maintenance 17,595 16,187 12,210
Insurance 1,882 1,784 1,412
Fuel, lube and supplies 10,019 12,092 10,531
Other 24,076 17,127 9,015
Total vessel operating costs 106,962 100,606 78,112
General and Administrative Expense 11,320 9,254 9,120
Depreciation and amortization 30,135 26,566 24,236
Operating profit 3,770 (1,051) (1,093)
Additions to properties and equipment 1,260 3,016 3,911
Total assets 180,286 191,927 197,054
Operating Segments [Member] | Europe and Mediterranean [Member]      
Crew costs 109,178 78,613 49,709
Repair and maintenance 28,288 17,029 9,239
Insurance 3,171 2,218 1,442
Fuel, lube and supplies 14,650 11,697 6,026
Other 18,864 13,758 8,426
Total vessel operating costs 174,151 123,315 74,842
General and Administrative Expense 12,726 10,063 8,158
Depreciation and amortization 92,331 63,152 27,734
Operating profit 53,873 33,687 18,844
Additions to properties and equipment 11,069 7,320 1,302
Total assets 659,158 671,626 282,670
Operating Segments [Member] | West Africa [Member]      
Crew costs 77,195 69,176 61,511
Repair and maintenance 17,817 18,993 14,024
Insurance 2,743 2,610 1,956
Fuel, lube and supplies 18,233 18,333 13,378
Other 24,415 20,613 17,223
Total vessel operating costs 140,403 129,725 108,092
General and Administrative Expense 9,495 9,281 10,611
Depreciation and amortization 53,782 36,508 28,534
Operating profit 176,432 98,447 43,112
Additions to properties and equipment 3,300 19,593 2,923
Total assets 512,549 421,054 285,965
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]      
Additions to properties and equipment 3,814 5,168 3,716
Total assets 199,198 192,931 73,298
Corporate expenses (57,780) (45,654) (53,583)
Vessel [Member]      
Revenue 1,337,637 998,993 641,404
Vessel [Member] | Operating Segments [Member]      
Revenue 1,337,637 998,993 641,404
Vessel [Member] | Operating Segments [Member] | Americas [Member]      
Revenue 261,929 237,205 146,871
Vessel [Member] | Operating Segments [Member] | Asia Pacific [Member]      
Revenue 210,328 122,235 64,231
Vessel [Member] | Operating Segments [Member] | Middle East [Member]      
Revenue 152,187 135,375 110,375
Vessel [Member] | Operating Segments [Member] | Europe and Mediterranean [Member]      
Revenue 333,081 230,217 129,578
Vessel [Member] | Operating Segments [Member] | West Africa [Member]      
Revenue 380,112 273,961 190,349
Product and Service, Other [Member]      
Revenue 8,198 10,992 6,280
Product and Service, Other [Member] | Operating Segments [Member]      
Revenue $ 8,198 $ 10,992 $ 6,280
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers - Schedule of Revenue From External Customers Attributed to Countries by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue $ 1,345,835 $ 1,009,985 $ 647,684
UNITED KINGDOM      
Revenue 147,175    
ANGOLA      
Revenue 144,566    
AUSTRALIA      
Revenue 130,788    
SAUDI ARABIA      
Revenue 129,333    
NORWAY      
Revenue 112,167    
UNITED STATES      
Revenue 81,547    
Other Countries [Member]      
Revenue $ 600,259    
v3.25.0.1
Note 14 - Segment Information, Geographical Data and Major Customers - Entity Wide Major Customer (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Eni S.p.A. [Member]      
Concentration Risk, Percentage 12.30% 10.30%  
Chevron Corporation [Member]      
Concentration Risk, Percentage     12.30%
v3.25.0.1
Note 15 - Restructuring Charges - Activity for Lease Exit and Severance Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Balance $ 6,425 $ 1,509
Charges 27 5,680
Cash payments (6,452) (764)
Balance 0 6,425
Lease Exit [Member]    
Balance 625 1,147
Charges 27 (146)
Cash payments (652) (376)
Balance 0 625
Lease Exit [Member] | Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]    
Balance 0 362
Charges 0 26
Cash payments 0 (388)
Balance 0 0
Employee Severance [Member]    
Balance 5,800 0
Charges 0 5,800
Cash payments (5,800) 0
Balance $ 0 $ 5,800
v3.25.0.1
Note 15 - Restructuring Charges - Activity for Lease Exit and Severance Liabilities (Details) (Parentheticals)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense