RE:WHAT happened here?????Non-cash impairment charge of $55M. Ignoring this, income for the quarter would of been $25 million.
During the year ended December 31, 2022, Tidewater identified that certain non-core assets in the Deep Basin CGU had a recoverable amount of $NIL, based on the assets value in use. As the carrying value of the assets exceeded the recoverable amount, a $55.0 million impairment expense was recorded