FORT LAUDERDALE, FL--(Marketwire - Feb 27, 2013) - SEACOR Holdings Inc. (
For the quarter ended December 31, 2012, the Company reported a net loss attributable to SEACOR Holdings Inc. of $2.6 million, or $0.13 per diluted share, including a loss from continuing operations of $8.3 million, or $0.41 per diluted share. The loss from continuing operations included:
- compensation expenses of $9.8 million, net of tax, or $0.49 per diluted share, related to the acceleration of restricted stock awards that were originally scheduled to vest in 2013 and 2014; and
- equity in losses of 50% or less owned companies of $9.7 million, net of tax, or $0.48 per diluted share, upon the contribution of the Company's O'Brien's Response Management Inc. ("ORM") subsidiary in exchange for an equity interest in Witt O'Brien's, LLC, a response management joint venture. The equity in losses was primarily related to the one-time recognition of deferred tax liabilities. In addition, ORM reported operating losses from continuing operations of $4.2 million for the year ended December 31, 2012.
Executive Chairman of the Board, Charles Fabrikant, commented: "During 2012, we sold our environmental remediation and response business, and in December we concluded a transaction to contribute our environmental consulting business into a joint venture. We believe this combination with a strategic partner represents an excellent opportunity to grow the response management business. In December, we sold our energy trading business. Subsequent to year end, on January 31, we spun-off Era Group Inc., the company that operated our Aviation Services business segment, by means of a dividend to SEACOR's stockholders of all the issued and outstanding common stock of Era Group Inc., which is now a stand-alone public company. These transactions have changed the profile of SEACOR on a go-forward basis. In addition, in the fourth quarter we purchased 1,047,664 of our shares and paid a $5.00 per share special cash dividend, returning $191.2 million in total to our stockholders."
For the preceding quarter ended September 30, 2012, net income attributable to SEACOR Holdings Inc. was $16.1 million, or $0.78 per diluted share, including income from continuing operations of $15.4 million, or $0.74 per diluted share. A comparison of results for the quarter ended December 31, 2012 with the preceding quarter ended September 30, 2012 is included in "Highlights for the Quarter" discussion below.
For the quarter ended December 31, 2011, net income attributable to SEACOR Holdings Inc. was $17.0 million, or $0.80 per diluted share, including income from continuing operations of $7.0 million, or $0.33 per diluted share.
Highlights for the Quarter
Offshore Marine Services - Operating income was $19.3 million on operating revenues of $141.1 million compared with operating income of $21.2 million on operating revenues of $134.3 million in the preceding quarter.
Operating revenues were $6.8 million higher in the fourth quarter, primarily due to an increase in activity levels for the Company's anchor handling towing supply vessels in the U.S. Gulf of Mexico, which contributed incremental time charter revenues of $5.8 million. Time charter revenues for other vessel classes in the U.S. Gulf of Mexico increased by $1.0 million primarily due to improved market conditions. As of December 31, 2012, the Company had two anchor handling towing supply vessels cold-stacked in the U.S. Gulf of Mexico compared with three as of September 30, 2012.
Operating expenses were $2.6 million higher primarily due to $3.0 million of increased drydocking expenditures in the U.S. Gulf of Mexico, Europe and the Middle East. During the fourth quarter, drydocking costs were $7.3 million compared with $4.3 million in the preceding quarter.
Administrative and general expenses were $4.7 million higher primarily due to $3.2 million of additional compensation expenses arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.
In the fourth quarter, the total number of days available for charter for the Company's fleet, excluding wind farm utility vessels, increased by 133 days, or 1% primarily due to net fleet additions. Overall utilization, excluding wind farm utility vessels, increased from 82.0% to 83.0% and overall average day rates, excluding wind farm utility vessels, increased by 5% from $12,718 per day to $13,306 per day. Time charter operating data by vessel class is presented in the table included herein.
Inland River Services - Operating income was $8.9 million on operating revenues of $66.5 million compared with operating income of $7.7 million on operating revenues of $53.3 million in the preceding quarter. Fourth quarter results included $1.4 million in gains on asset dispositions compared with $3.5 million in gains in the preceding quarter. The improvement in operating income was primarily attributable to the results of the pooled hopper barge fleet. Seasonal activity associated with the harvest of grain in the Midwest, demand for grain movements prior to anticipated navigation restrictions required by low water conditions, and increased fertilizer loadings were the primary factors causing this improvement. Administrative and general expenses increased by $1.2 million primarily due to higher compensation costs arising from the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014.
Shipping Services (formerly Marine Transportation Services and Harbor and Offshore Towing Services) - Operating income was $5.7 million on operating revenues of $46.3 million compared with operating income of $2.9 million on operating revenues of $45.2 million in the preceding quarter. Operating results for petroleum transportation were $3.2 million lower in the fourth quarter primarily due to 27 days of out-of-service time and $2.1 million of expenses incurred for one vessel undergoing a regulatory drydocking. Operating results for harbor towing and bunkering were $4.0 million higher in the fourth quarter primarily due to fewer days out-of-service for drydockings and the recognition of $1.1 million in gains on the sale of two vessels. In the preceding quarter, other income for harbor towing and bunkering included a termination payment of $7.0 million received from a customer following the cancellation of a long-term charter. Operating results for liner transportation were $2.0 million higher primarily due to the third quarter settlement of a legal dispute. Equity in losses in the fourth quarter were primarily attributable to losses in the Company's short-sea transportation joint venture.
Alcohol Manufacturing - Alcohol Manufacturing reported a segment loss of $2.2 million on operating revenues of $42.3 million compared with a segment loss of $0.8 million on operating revenues of $47.8 million in the preceding quarter. Operating results in the fourth quarter were negatively impacted by higher corn prices.
Other - Other reported a segment loss of $10.7 million during the fourth quarter, which included equity in losses of 50% or less owned companies of $9.7 million upon the contribution of ORM in exchange for an equity interest in Witt O'Brien's, LLC. The equity in losses was primarily related to the one-time recognition of deferred tax liabilities on the deconsolidation of non-deductible goodwill.
Era Group Inc. (Aviation Services) - Operating income was $9.7 million on operating revenues of $70.9 million compared with operating income of $11.1 million on operating revenues of $78.0 million in the preceding quarter.
Operating revenues were $7.1 million lower primarily due to the end of seasonal activities in Alaska partially offset by increased revenues from international contract-leasing due to the recognition of previously deferred revenues.
Operating expenses were $4.0 million lower primarily due to the end of seasonal activities and a reduction in repairs and maintenance expense in the current quarter as a result of maintenance credits received in connection with the end of two customer contract-leases. Power-by-hour expenses were lower due to fewer flight hours in international contract-leasing primarily due to the suspension of EC225 helicopter operations.
Administrative and general expenses were $2.8 million lower in the fourth quarter primarily due to an allowance for doubtful accounts and severance costs related to the separation of an executive officer, both recorded in the previous quarter. Depreciation expenses were $11.5 million in the fourth quarter, an increase of $0.5 million primarily due to fleet additions.
Corporate and Eliminations - Administrative and general expenses were $18.2 million compared with $8.5 million in the preceding quarter. The increase was primarily due to $6.8 million of expense associated with the acceleration of restricted stock awards originally scheduled to vest in 2013 and 2014, accruals for bonuses and increased audit and professional fees.
Discontinued Operations - On December 31, 2012, the Company disposed of SEACOR Energy Inc. ("SEI"), the entity that had been conducting the Company's energy trading activities, for a net sales price of $15.1 million and a gain of $7.1 million, net of tax, or $0.34 per diluted share. The historical operating results for SEI have been reported as discontinued operations, net of tax, for all periods presented.
Stock Repurchases - During the fourth quarter, the Company purchased 1,047,664 shares of its common stock at an average price of $86.68 per share. As of December 31, 2012, 19,887,933 shares of SEACOR's common stock remained outstanding. On February 26, 2013, SEACOR's Board of Directors increased the Company's authority to repurchase SEACOR common stock from $30.5 million up to $100.0 million. The repurchase of common stock may be conducted from time to time through open market purchases, privately negotiated transactions or otherwise depending upon market conditions.
2.50% Convertible Senior Notes - On December 11, 2012, the Company sold $350.0 million aggregate principal amount of 2.50% convertible senior notes due December 15, 2027. These convertible notes are senior unsecured obligations of the Company and bear interest at a rate of 2.50% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013.
7.75% Era Group Senior Notes - On December 7, 2012, Era Group Inc. issued $200.0 million aggregate principal amount of its 7.75% Senior Notes due December 15, 2022 for net proceeds of $193.3 million. These notes are senior unsecured obligations of Era Group Inc. and bear interest at a rate of 7.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2013.
Special Cash Dividend - On December 24, 2012, the Company paid a Special Cash Dividend of $100.4 million, or $5.00 per common share, to shareholders of record on December 17, 2012.
Equipment Acquisitions - During the year ended December 31, 2012, capital expenditures for continuing operations were $352.3 million. Equipment deliveries during that period included six offshore support vessels, including one wind farm utility vessel, three inland river dry cargo barges, five liquid tank barges, two inland river towboats and eighteen helicopters.
Capital Commitments - Excluding Era Group Inc., the Company's unfunded capital commitments as of December 31, 2012 were $212.0 million and consisted of: 16 offshore support vessels for $122.6 million; an interest in a jack-up drilling rig for $30.3 million; eight inland river tank barges for $18.4 million; five inland river towboats for $15.3 million; four harbor tugs for $13.1 million; and other equipment and improvements for $11.0 million. In addition, the Company notified the lessee of its intent to purchase one harbor tug currently operating under a capital lease for $1.3 million. Of these commitments, $176.6 million is payable during 2013 with the balance payable through 2015. Era Group Inc.'s unfunded capital commitments were $134.8 million and consisted primarily of eleven helicopters for $134.4 million, of which $128.3 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. Of Era Group Inc.'s commitments, $13.8 million is payable in 2013 with the balance payable through 2016. Subsequent to December 31, 2012, the Company, excluding Aviation Services, committed to purchase additional equipment for $1.3 million, Aviation Services committed to purchase two additional helicopters for $16.6 million, and one of the Company's Offshore Marine Services joint ventures secured financing for a jack-up drilling rig thereby reducing the Company's unfunded capital commitments by $30.3 million.
As of December 31, 2012, the Company held balances of cash, cash equivalents, restricted cash, marketable securities, construction reserve funds and Title XI reserve funds totaling $505.3 million, of which $11.5 million was held by Era Group Inc.
SEACOR is a global provider of equipment and services primarily supporting the offshore oil and gas and marine transportation industries. SEACOR offers customers a diversified suite of services including offshore marine, inland river and shipping. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concerning management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: decreased demand and loss of revenues as a result of U.S. government implemented moratoriums directing operators to cease certain drilling activities and any extension of such moratoriums (the "Moratoriums"), weakening demand for the Company's services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to Moratoriums, increased government legislation and regulation of the Company's businesses could increase cost of operations, increased competition if the Jones Act is repealed, liability, legal fees and costs in connection with the provision of emergency response services, including the Company's involvement in response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company's services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements related to Offshore Marine Services and Shipping Services, decreased demand for Shipping Services due to construction of additional refined petroleum product, natural gas or crude oil pipelines or due to decreased demand for refined petroleum products, crude oil or chemical products or a change in existing methods of delivery, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations, the dependence of Offshore Marine Services and Shipping Services on several customers, consolidation of the Company's customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Shipping Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services and Shipping Services, effects of adverse weather conditions and seasonality, the level of grain export volume, the effect of fuel prices on barge towing costs, variability in freight rates for inland river barges, the effect of international economic and political factors in Inland River Services' operations, sudden and unexpected changes in commodity prices, futures and options, global weather conditions, political instability, changes in currency exchanges rates, and product availability in agriculture commodity trading and logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company's control. In addition, these statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. It is not possible to predict or identify all such factors. Consequently, the foregoing should not be considered a complete discussion of all potential risks or uncertainties. The words "estimate," "project," "intend," "believe," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. The forward-looking statements in this release should be evaluated together with the many uncertainties that affect the Company's businesses, particularly those mentioned under "Forward-Looking Statements" in Item 7 on the Company's Form 10-K and SEACOR's periodic reporting on Form 10-Q and Form 8-K (if any), which are incorporated by reference.
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited) |
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| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
| Operating Revenues | $ | 433,262 | $ | 344,642 | $ | 1,581,200 | $ | 1,290,618 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating | 312,782 | 237,766 | 1,144,649 | 908,246 | |||||||||||||||
| Administrative and general | 63,516 | 50,693 | 201,525 | 163,652 | |||||||||||||||
| Depreciation and amortization | 45,869 | 35,388 | 174,169 | 149,485 | |||||||||||||||
| 422,167 | 323,847 | 1,520,343 | 1,221,383 | ||||||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 7,961 | 5,469 | 27,599 | 34,011 | |||||||||||||||
| Operating Income | 19,056 | 26,264 | 88,456 | 103,246 | |||||||||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 3,580 | 1,126 | 18,270 | 13,617 | |||||||||||||||
| Interest expense | (11,573 | ) | (9,966 | ) | (48,539 | ) | (41,135 | ) | |||||||||||
| Debt extinguishment losses, net | -- | -- | (160 | ) | (99 | ) | |||||||||||||
| Marketable security gains (losses), net | (333 | ) | (4,803 | ) | 12,891 | (7,893 | ) | ||||||||||||
| Derivative losses, net | (376 | ) | (1,302 | ) | (3,302 | ) | (31,381 | ) | |||||||||||
| Foreign currency gains (losses), net | 53 | (2,308 | ) | 2,351 | 1,056 | ||||||||||||||
| Other, net | (309 | ) | 1,300 | 7,178 | 1,027 | ||||||||||||||
| (8,958 | ) | (15,953 | ) | (11,311 | ) | (64,808 | ) | ||||||||||||
| Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies | 10,098 | 10,311 | 77,145 | 38,438 | |||||||||||||||
| Income Tax Expense | 6,030 | 2,555 | 32,179 | 14,613 | |||||||||||||||
| Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 4,068 | 7,756 | 44,966 | 23,825 | |||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (12,507 | ) | (579 | ) | (11,292 | ) | 9,990 | ||||||||||||
| Income (Loss) from Continuing Operations | (8,439 | ) | 7,177 | 33,674 | 33,815 | ||||||||||||||
| Income from Discontinued Operations, Net of Tax | 5,722 | 10,075 | 26,785 | 8,335 | |||||||||||||||
| Net Income (Loss) | (2,717 | ) | 17,252 | 60,459 | 42,150 | ||||||||||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (93 | ) | 212 | (756 | ) | 1,094 | |||||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | (2,624 | ) | $ | 17,040 | $ | 61,215 | $ | 41,056 | ||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||||
| Continuing operations | $ | (8,346 | ) | $ | 6,965 | $ | 34,430 | $ | 32,721 | ||||||||||
| Discontinued operations | 5,722 | 10,075 | 26,785 | 8,335 | |||||||||||||||
| $ | (2,624 | ) | $ | 17,040 | $ | 61,215 | $ | 41,056 | |||||||||||
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||
| Continuing operations | $ | (0.41 | ) | $ | 0.33 | $ | 1.69 | $ | 1.55 | ||||||||||
| Discontinued operations | 0.28 | 0.48 | 1.31 | 0.39 | |||||||||||||||
| $ | (0.13 | ) | $ | 0.81 | $ | 3.00 | $ | 1.94 | |||||||||||
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||
| Continuing operations | $ | (0.41 | ) | $ | 0.33 | $ | 1.66 | $ | 1.52 | ||||||||||
| Discontinued operations | 0.28 | 0.47 | 1.29 | 0.39 | |||||||||||||||
| $ | (0.13 | ) | $ | 0.80 | $ | 2.95 | $ | 1.91 | |||||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||||||
| Basic | 20,172,582 | 21,004,776 | 20,426,770 | 21,119,461 | |||||||||||||||
| Diluted | 20,172,582 | 21,353,631 | 20,775,896 | 21,466,843 | |||||||||||||||
| Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. | $ | 5.00 | $ | -- | $ | 5.00 | $ | -- | |||||||||||
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited) |
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| Three Months Ended | |||||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||||
| Operating Revenues | $ | 433,262 | $ | 416,842 | $ | 372,208 | $ | 358,888 | $ | 344,642 | |||||||||||||
| Costs and Expenses: | |||||||||||||||||||||||
| Operating | 312,782 | 300,238 | 283,547 | 248,082 | 237,766 | ||||||||||||||||||
| Administrative and general | 63,516 | 49,847 | 43,494 | 44,668 | 50,693 | ||||||||||||||||||
| Depreciation and amortization | 45,869 | 45,284 | 43,684 | 39,332 | 35,388 | ||||||||||||||||||
| 422,167 | 395,369 | 370,725 | 332,082 | 323,847 | |||||||||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 7,961 | 9,677 | 4,419 | 5,542 | 5,469 | ||||||||||||||||||
| Operating Income | 19,056 | 31,150 | 5,902 | 32,348 | 26,264 | ||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||
| Interest income | 3,580 | 4,074 | 7,641 | 2,975 | 1,126 | ||||||||||||||||||
| Interest expense | (11,573 | ) | (12,619 | ) | (12,392 | ) | (11,955 | ) | (9,966 | ) | |||||||||||||
| Debt extinguishment losses, net | -- | -- | -- | (160 | ) | -- | |||||||||||||||||
| Marketable security gains (losses), net | (333 | ) | (1,730 | ) | 11,596 | 3,358 | (4,803 | ) | |||||||||||||||
| Derivative gains (losses), net | (376 | ) | (2,218 | ) | 2,374 | (3,082 | ) | (1,302 | ) | ||||||||||||||
| Foreign currency gains (losses), net | 53 | 756 | (1,036 | ) | 2,578 | (2,308 | ) | ||||||||||||||||
| Other, net | (309 | ) | 7,098 | 443 | (54 | ) | 1,300 | ||||||||||||||||
| (8,958 | ) | (4,639 | ) | 8,626 | (6,340 | ) | (15,953 | ) | |||||||||||||||
| Income from Continuing Operations Before Income Tax Expense and Equity In Earnings (Losses) of 50% or Less Owned Companies | 10,098 | 26,511 | 14,528 | 26,008 | 10,311 | ||||||||||||||||||
| Income Tax Expense | 6,030 | 10,669 | 5,111 | 10,369 | 2,555 | ||||||||||||||||||
| Income from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 4,068 | 15,842 | 9,417 | 15,639 | 7,756 | ||||||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (12,507 | ) | (1,078 | ) | 1,051 | 1,242 | (579 | ) | |||||||||||||||
| Income (Loss) from Continuing Operations | (8,439 | ) | 14,764 | 10,468 | 16,881 | 7,177 | |||||||||||||||||
| Income from Discontinued Operations, Net of Tax | 5,722 | 740 | 831 | 19,492 | 10,075 | ||||||||||||||||||
| Net Income (Loss) | (2,717 | ) | 15,504 | 11,299 | 36,373 | 17,252 | |||||||||||||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (93 | ) | (598 | ) | 50 | (115 | ) | 212 | |||||||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | (2,624 | ) | $ | 16,102 | $ | 11,249 | $ | 36,488 | $ | 17,040 | ||||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||||||||
| Continuing operations | $ | (8,346 | ) | $ | 15,362 | $ | 10,418 | $ | 16,996 | $ | 6,965 | ||||||||||||
| Discontinued operations | 5,722 | 740 | 831 | 19,492 | 10,075 | ||||||||||||||||||
| $ | (2,624 | ) | $ | 16,102 | $ | 11,249 | $ | 36,488 | $ | 17,040 | |||||||||||||
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||||
| Continuing operations | $ | (0.41 | ) | $ | 0.75 | $ | 0.51 | $ | 0.83 | $ | 0.33 | ||||||||||||
| Discontinued operations | 0.28 | 0.04 | 0.04 | 0.95 | 0.48 | ||||||||||||||||||
| $ | (0.13 | ) | $ | 0.79 | $ | 0.55 | $ | 1.78 | $ | 0.81 | |||||||||||||
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||||
| Continuing operations | $ | (0.41 | ) | $ | 0.74 | $ | 0.50 | $ | 0.81 | $ | 0.33 | ||||||||||||
| Discontinued operations | 0.28 | 0.04 | 0.04 | 0.94 | 0.47 | ||||||||||||||||||
| $ | (0.13 | ) | $ | 0.78 | $ | 0.54 | $ | 1.75 | $ | 0.80 | |||||||||||||
| Weighted Average Common Shares of Outstanding: | |||||||||||||||||||||||
| Basic | 20,173 | 20,433 | 20,585 | 20,520 | 21,005 | ||||||||||||||||||
| Diluted | 20,173 | 20,740 | 20,871 | 20,893 | 21,354 | ||||||||||||||||||
| Common Shares Outstanding at Period End | 19,888 | 20,851 | 20,948 | 21,114 | 20,933 | ||||||||||||||||||
| Special Cash Dividend Declared and Paid Per Common Share of SEACOR Holdings Inc. | $ | 5.00 | $ | -- | $ | -- | $ | -- | $ | -- | |||||||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) |
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| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
| Offshore Marine Services | |||||||||||||||||||||
| Operating Revenues | $ | 141,133 | $ | 134,322 | $ | 123,276 | $ | 121,086 | $ | 109,781 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 91,414 | 88,842 | 94,084 | 75,340 | 69,484 | ||||||||||||||||
| Administrative and general | 19,456 | 14,795 | 13,146 | 11,856 | 13,666 | ||||||||||||||||
| Depreciation and amortization | 16,750 | 16,051 | 15,859 | 12,882 | 11,954 | ||||||||||||||||
| 127,620 | 119,688 | 123,089 | 100,078 | 95,104 | |||||||||||||||||
| Gains on Asset Dispositions | 5,822 | 6,585 | 624 | 1,845 | 1,449 | ||||||||||||||||
| Operating Income | 19,335 | 21,219 | 811 | 22,853 | 16,126 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative losses, net | (243 | ) | -- | -- | -- | -- | |||||||||||||||
| Foreign currency gains (losses), net | (409 | ) | 717 | (354 | ) | 1,123 | (1,290 | ) | |||||||||||||
| Other, net | (9 | ) | -- | 11 | -- | 272 | |||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,146 | 1,238 | 1,001 | 1,829 | (500 | ) | |||||||||||||||
| Segment Profit | $ | 19,820 | $ | 23,174 | $ | 1,469 | $ | 25,805 | $ | 14,608 | |||||||||||
| OIBDA(1) | $ | 36,085 | $ | 37,270 | $ | 16,670 | $ | 35,735 | $ | 28,080 | |||||||||||
| Aviation Services | |||||||||||||||||||||
| Operating Revenues | $ | 70,895 | $ | 77,989 | $ | 62,985 | $ | 61,052 | $ | 61,696 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 42,282 | 46,235 | 39,002 | 39,676 | 41,084 | ||||||||||||||||
| Administrative and general | 7,575 | 10,338 | 7,195 | 9,677 | 11,803 | ||||||||||||||||
| Depreciation and amortization | 11,471 | 10,937 | 10,464 | 9,630 | 9,210 | ||||||||||||||||
| 61,328 | 67,510 | 56,661 | 58,983 | 62,097 | |||||||||||||||||
| Gains on Asset Dispositions | 157 | 613 | 1,077 | 1,765 | 1,912 | ||||||||||||||||
| Operating Income | 9,724 | 11,092 | 7,401 | 3,834 | 1,511 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | 2 | (188 | ) | (180 | ) | (124 | ) | (18 | ) | ||||||||||||
| Foreign currency gains (losses), net | 87 | (272 | ) | (12 | ) | 917 | (80 | ) | |||||||||||||
| Other, net | -- | -- | -- | 30 | 9 | ||||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (84 | ) | 219 | 756 | (6,419 | ) | (979 | ) | |||||||||||||
| Segment Profit (Loss) | $ | 9,729 | $ | 10,851 | $ | 7,965 | $ | (1,762 | ) | $ | 443 | ||||||||||
| OIBDA(1) | $ | 21,195 | $ | 22,029 | $ | 17,865 | $ | 13,464 | $ | 10,721 | |||||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) |
|||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
| Inland River Services | |||||||||||||||||||||
| Operating Revenues | $ | 66,476 | $ | 53,293 | $ | 53,302 | $ | 53,490 | $ | 51,871 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 47,630 | 38,320 | 37,463 | 35,183 | 31,702 | ||||||||||||||||
| Administrative and general | 4,689 | 3,480 | 3,773 | 3,982 | 3,270 | ||||||||||||||||
| Depreciation and amortization | 6,684 | 7,335 | 7,244 | 7,007 | 5,617 | ||||||||||||||||
| 59,003 | 49,135 | 48,480 | 46,172 | 40,589 | |||||||||||||||||
| Gains on Asset Dispositions | 1,378 | 3,503 | 858 | 1,927 | 986 | ||||||||||||||||
| Operating Income | 8,851 | 7,661 | 5,680 | 9,245 | 12,268 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative losses, net | -- | -- | -- | -- | -- | ||||||||||||||||
| Foreign currency gains (losses), net | 144 | 33 | (71 | ) | (22 | ) | -- | ||||||||||||||
| Other, net | (1 | ) | -- | -- | -- | -- | |||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1,772 | ) | (2,227 | ) | 439 | 250 | 955 | ||||||||||||||
| Segment Profit | $ | 7,222 | $ | 5,467 | $ | 6,048 | $ | 9,473 | $ | 13,223 | |||||||||||
| OIBDA(1) | $ | 15,535 | $ | 14,996 | $ | 12,924 | $ | 16,252 | $ | 17,885 | |||||||||||
| Shipping Services | |||||||||||||||||||||
| Operating Revenues | $ | 46,322 | $ | 45,157 | $ | 42,824 | $ | 45,733 | $ | 43,979 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 28,250 | 28,089 | 28,214 | 27,572 | 25,601 | ||||||||||||||||
| Administrative and general | 5,614 | 6,567 | 5,505 | 4,867 | 6,057 | ||||||||||||||||
| Depreciation and amortization | 7,880 | 7,776 | 7,362 | 7,617 | 7,499 | ||||||||||||||||
| 41,744 | 42,432 | 41,081 | 40,056 | 39,157 | |||||||||||||||||
| Gains on Asset Dispositions | 1,123 | 145 | 1,860 | -- | 1,126 | ||||||||||||||||
| Operating Income | 5,701 | 2,870 | 3,603 | 5,677 | 5,948 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | -- | -- | -- | -- | -- | ||||||||||||||||
| Foreign currency gains (losses), net | (11 | ) | 8 | (4 | ) | 13 | (17 | ) | |||||||||||||
| Other, net | 20 | 7,145 | 257 | 30 | 122 | ||||||||||||||||
| Equity in Losses of 50% or Less Owned Companies, Net of Tax | (2,606 | ) | (551 | ) | (774 | ) | (217 | ) | (74 | ) | |||||||||||
| Segment Profit | $ | 3,104 | $ | 9,472 | $ | 3,082 | $ | 5,503 | $ | 5,979 | |||||||||||
| OIBDA(1) | $ | 13,581 | $ | 10,646 | $ | 10,965 | $ | 13,294 | $ | 13,447 | |||||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) |
|||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
| Alcohol Manufacturing | |||||||||||||||||||||
| Operating Revenues | $ | 42,280 | $ | 47,813 | $ | 58,938 | $ | 39,619 | $ | -- | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 43,364 | 45,472 | 57,201 | 37,405 | -- | ||||||||||||||||
| Administrative and general | 516 | 545 | 434 | 425 | 227 | ||||||||||||||||
| Depreciation and amortization | 1,549 | 1,578 | 1,578 | 1,052 | -- | ||||||||||||||||
| 45,429 | 47,595 | 59,213 | 38,882 | 227 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | -- | -- | -- | -- | -- | ||||||||||||||||
| Operating Income (Loss) | (3,149 | ) | 218 | (275 | ) | 737 | (227 | ) | |||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | 900 | (1,035 | ) | (236 | ) | (485 | ) | -- | |||||||||||||
| Equity in Earnings of 50% or Less Owned Companies, Net of Tax | -- | -- | -- | 6,154 | 1,452 | ||||||||||||||||
| Segment Profit (Loss) | $ | (2,249 | ) | $ | (817 | ) | $ | (511 | ) | $ | 6,406 | $ | 1,225 | ||||||||
| OIBDA(1) | $ | (1,600 | ) | $ | 1,796 | $ | 1,303 | $ | 1,789 | $ | (227 | ) | |||||||||
| Other | |||||||||||||||||||||
| Operating Revenues | $ | 68,394 | $ | 58,336 | $ | 30,893 | $ | 38,108 | $ | 77,378 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 62,027 | 53,287 | 27,566 | 33,077 | 69,926 | ||||||||||||||||
| Administrative and general | 7,492 | 5,635 | 5,899 | 4,798 | 5,064 | ||||||||||||||||
| Depreciation and amortization | 721 | 753 | 711 | 689 | 659 | ||||||||||||||||
| 70,240 | 59,675 | 34,176 | 38,564 | 75,649 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | (363 | ) | (1,169 | ) | -- | 5 | (4 | ) | |||||||||||||
| Operating Income (Loss) | (2,209 | ) | (2,508 | ) | (3,283 | ) | (451 | ) | 1,725 | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | 649 | (838 | ) | 2,516 | (1,417 | ) | 211 | ||||||||||||||
| Foreign currency gains (losses), net | 12 | (25 | ) | (84 | ) | 99 | 252 | ||||||||||||||
| Other, net | -- | -- | -- | -- | 948 | ||||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (9,191 | ) | 243 | (371 | ) | (355 | ) | (1,433 | ) | ||||||||||||
| Segment Profit (Loss) | $ | (10,739 | ) | $ | (3,128 | ) | $ | (1,222 | ) | $ | (2,124 | ) | $ | 1,703 | |||||||
| OIBDA(1) | $ | (1,488 | ) | $ | (1,755 | ) | $ | (2,572 | ) | $ | 238 | $ | 2,384 | ||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) |
|||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
| Corporate and Eliminations | |||||||||||||||||||||
| Operating Revenues | $ | (2,238 | ) | $ | (68 | ) | $ | (10 | ) | $ | (200 | ) | $ | (63 | ) | ||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | (2,185 | ) | (7 | ) | 17 | (171 | ) | (31 | ) | ||||||||||||
| Administrative and general | 18,174 | 8,487 | 7,542 | 9,063 | 10,606 | ||||||||||||||||
| Depreciation and amortization | 814 | 854 | 466 | 455 | 449 | ||||||||||||||||
| 16,803 | 9,334 | 8,025 | 9,347 | 11,024 | |||||||||||||||||
| Losses on Asset Impairments | (156 | ) | -- | -- | -- | -- | |||||||||||||||
| Operating Loss | $ | (19,197 | ) | $ | (9,402 | ) | $ | (8,035 | ) | $ | (9,547 | ) | $ | (11,087 | ) | ||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | $ | (1,684 | ) | $ | (157 | ) | $ | 274 | $ | (1,056 | ) | $ | (1,495 | ) | |||||||
| Foreign currency gains (losses), net | 230 | 295 | (511 | ) | 448 | (1,173 | ) | ||||||||||||||
| Other, net | (319 | ) | (47 | ) | 175 | (114 | ) | (51 | ) | ||||||||||||
| (1) | Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA as a non-GAAP financial measure in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income plus depreciation and amortization. The Company's measure of OIBDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate OIBDA differently than the Company, which may limit its usefulness as a comparative measure. |
| OIBDA is a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) as a criteria for annual incentive bonuses paid to the Company's executive officers and other shore-based employees; (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions; and (iv) to assess the Company's ability to service existing fixed charges and incur additional indebtedness. | |
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) |
||||||||||||||||||
| Dec. 31, 2012 |
Sep. 30, 2012 |
Jun. 30, 2012 |
Mar. 31, 2012 |
Dec. 31, 2011 |
||||||||||||||
| ASSETS | ||||||||||||||||||
| Current Assets: | ||||||||||||||||||
| Cash and cash equivalents | $ | 259,709 | $ | 207,300 | $ | 298,972 | $ | 277,810 | $ | 460,604 | ||||||||
| Restricted cash | 28,285 | 191,782 | 18,347 | 25,958 | 21,281 | |||||||||||||
| Marketable securities | 21,668 | 22,134 | 32,821 | 68,586 | 66,898 | |||||||||||||
| Receivables: | ||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 282,424 | 283,738 | 251,588 | 262,244 | 274,122 | |||||||||||||
| Other | 49,772 | 67,855 | 65,334 | 41,206 | 50,786 | |||||||||||||
| Inventories | 52,437 | 48,946 | 53,744 | 57,841 | 37,462 | |||||||||||||
| Deferred income taxes | 7,172 | 11,300 | 11,300 | 11,300 | 11,300 | |||||||||||||
| Prepaid expenses and other | 14,522 | 15,699 | 13,726 | 82,355 | 9,087 | |||||||||||||
| Discontinued operations | 2,635 | 63,032 | 53,536 | 11,259 | 109,007 | |||||||||||||
| Total current assets | 718,624 | 911,786 | 799,368 | 838,559 | 1,040,547 | |||||||||||||
| Property and Equipment | 3,378,955 | 3,379,812 | 3,304,449 | 3,314,684 | 3,018,015 | |||||||||||||
| Accumulated depreciation | (1,006,274 | ) | (976,601 | ) | (934,089 | ) | (905,360 | ) | (867,907 | ) | ||||||||
| Net property and equipment | 2,372,681 | 2,403,211 | 2,370,360 | 2,409,324 | 2,150,108 | |||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 307,231 | 266,589 | 323,874 | 220,772 | 249,753 | |||||||||||||
| Construction Reserve Funds & Title XI Reserve Funds | 195,629 | 179,932 | 192,420 | 259,926 | 259,974 | |||||||||||||
| Goodwill | 18,330 | 57,054 | 57,054 | 57,054 | 57,054 | |||||||||||||
| Intangible Assets, Net | 15,305 | 19,931 | 21,116 | 22,132 | 21,528 | |||||||||||||
| Other Assets | 72,994 | 78,715 | 81,545 | 99,105 | 102,340 | |||||||||||||
| Discontinued Operations | -- | 18 | 80 | 81 | 46,830 | |||||||||||||
| $ | 3,700,794 | $ | 3,917,236 | $ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | |||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||
| Current portion of long-term debt | $ | 24,707 | $ | 196,326 | $ | 24,546 | $ | 22,078 | $ | 41,091 | ||||||||
| Current portion of capital lease obligations | 2,900 | 4,442 | 4,719 | 2,289 | 2,368 | |||||||||||||
| Accounts payable and accrued expenses | 124,291 | 121,539 | 113,905 | 119,323 | 153,747 | |||||||||||||
| Other current liabilities | 113,254 | 142,943 | 157,905 | 175,199 | 150,304 | |||||||||||||
| Discontinued operations | 489 | 31,412 | 19,503 | 25,096 | 54,016 | |||||||||||||
| Total current liabilities | 265,641 | 496,662 | 320,578 | 343,985 | 401,526 | |||||||||||||
| Long-Term Debt | 932,257 | 813,322 | 940,910 | 976,872 | 995,450 | |||||||||||||
| Capital Lease Obligations | 59 | 87 | 117 | 2,848 | 3,068 | |||||||||||||
| Deferred Income Taxes | 629,553 | 600,904 | 582,089 | 576,279 | 567,088 | |||||||||||||
| Deferred Gains and Other Liabilities | 128,206 | 120,887 | 132,036 | 135,482 | 143,265 | |||||||||||||
| Discontinued Operations | 2,403 | 1,890 | 903 | 129 | 9,674 | |||||||||||||
| Total liabilities | 1,958,119 | 2,033,752 | 1,976,633 | 2,035,595 | 2,120,071 | |||||||||||||
| Equity: | ||||||||||||||||||
| SEACOR Holdings Inc. stockholders' equity: | ||||||||||||||||||
| Preferred stock | -- | -- | -- | -- | -- | |||||||||||||
| Common stock | 367 | 366 | 366 | 366 | 364 | |||||||||||||
| Additional paid-in capital | 1,330,324 | 1,277,751 | 1,271,617 | 1,265,708 | 1,256,209 | |||||||||||||
| Retained earnings | 1,473,509 | 1,576,518 | 1,560,416 | 1,549,167 | 1,512,679 | |||||||||||||
| Shares held in treasury, at cost | (1,088,560 | ) | (997,541 | ) | (987,485 | ) | (970,023 | ) | (971,687 | ) | ||||||||
| Accumulated other comprehensive loss, net of tax | (1,986 | ) | (3,604 | ) | (5,831 | ) | (5,369 | ) | (7,958 | ) | ||||||||
| 1,713,654 | 1,853,490 | 1,839,083 | 1,839,849 | 1,789,607 | ||||||||||||||
| Noncontrolling interests in subsidiaries | 29,021 | 29,994 | 30,101 | 31,509 | 18,456 | |||||||||||||
| Total equity | 1,742,675 | 1,883,484 | 1,869,184 | 1,871,358 | 1,808,063 | |||||||||||||
| $ | 3,700,794 | $ | 3,917,236 | $ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | |||||||||
| SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) |
||||||||||
| Dec. 31, 2012 |
Sep. 30, 2012 |
Jun. 30, 2012 |
Mar. 31, 2012 |
Dec. 31, 2011 |
||||||
| Offshore Marine Services | ||||||||||
| Anchor handling towing supply | 19 | 19 | 19 | 19 | 19 | |||||
| Crew | 47 | 48 | 48 | 48 | 49 | |||||
| Mini-supply | 9 | 9 | 9 | 9 | 8 | |||||
| Standby safety | 25 | 25 | 25 | 26 | 26 | |||||
| Supply | 26 | 25 | 28 | 28 | 30 | |||||
| Towing supply | 3 | 3 | 3 | 5 | 5 | |||||
| Liftboats | 20 | 20 | 20 | 20 | 2 | |||||
| Specialty | 10 | 9 | 9 | 9 | 9 | |||||
| Wind farm utility | 30 | 30 | 30 | 30 | 29 | |||||
| 189 | 188 | 191 | 194 | 177 | ||||||
| Aviation Services | ||||||||||
| Light helicopters - single engine | 59 | 59 | 59 | 58 | 58 | |||||
| Light helicopters - twin engine | 37 | 41 | 44 | 46 | 45 | |||||
| Medium helicopters | 69 | 69 | 68 | 66 | 65 | |||||
| Heavy helicopters | 10 | 10 | 9 | 8 | 7 | |||||
| 175 | 179 | 180 | 178 | 175 | ||||||
| Inland River Services | ||||||||||
| Inland river dry-cargo barges | 1,444 | 1,444 | 1,453 | 1,479 | 1,496 | |||||
| Inland river liquid tank barges | 81 | 80 | 78 | 77 | 77 | |||||
| Inland river deck barges | 20 | 20 | 20 | 20 | 20 | |||||
| Inland river towboats | 31 | 31 | 31 | 30 | 31 | |||||
| Dry-cargo vessel | 1 | 1 | 1 | 1 | 1 | |||||
| 1,577 | 1,576 | 1,583 | 1,607 | 1,625 | ||||||
| Shipping Services | ||||||||||
| U.S.-flag product tankers | 8 | 8 | 8 | 8 | 7 | |||||
| U.S.-flag container vessel | 1 | 1 | 1 | 1 | 1 | |||||
| U.S.-flag articulated tug-barge | 1 | 1 | 1 | -- | -- | |||||
| U.S.-flag deck barges | 5 | 5 | 5 | -- | -- | |||||
| U.S.-flag RORO barges | 2 | 2 | 2 | -- | -- | |||||
| Azimuth drive harbor tugs | 15 | 15 | 15 | 16 | 15 | |||||
| Conventional drive harbor tugs | 11 | 12 | 12 | 13 | 13 | |||||
| Ocean liquid tank barges | 5 | 5 | 5 | 5 | 5 | |||||
| Foreign-flag RORO vessels | 7 | 7 | 8 | 8 | 8 | |||||
| 55 | 56 | 57 | 51 | 49 | ||||||
| SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) |
|||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
| Rates Per Day Worked: | |||||||||||||||||||||
| Anchor handling towing supply | $ | 25,059 | $ | 22,794 | $ | 24,541 | $ | 30,928 | $ | 27,187 | |||||||||||
| Crew | 7,231 | 7,267 | 7,134 | 7,803 | 7,166 | ||||||||||||||||
| Mini-supply | 7,664 | 7,735 | 7,424 | 7,409 | 7,948 | ||||||||||||||||
| Standby safety | 10,001 | 9,806 | 9,679 | 9,230 | 9,254 | ||||||||||||||||
| Supply | 16,599 | 16,567 | 14,354 | 16,662 | 15,755 | ||||||||||||||||
| Towing supply | 9,573 | 8,265 | 9,269 | 9,301 | 8,497 | ||||||||||||||||
| Specialty | 20,635 | 26,195 | 14,557 | 12,964 | 17,845 | ||||||||||||||||
| Liftboats | 20,673 | 19,830 | 17,454 | -- | -- | ||||||||||||||||
| Overall Average Rates Per Day Worked (excluding wind farm utility) | 13,306 | 12,718 | 12,068 | 13,174 | 12,187 | ||||||||||||||||
| Wind farm utility | 2,653 | 2,882 | 2,802 | 2,431 | -- | ||||||||||||||||
| Overall Average Rates Per Day Worked | 11,160 | 10,552 | 10,019 | 10,839 | 12,187 | ||||||||||||||||
| Utilization: | |||||||||||||||||||||
| Anchor handling towing supply | 63 | % | 57 | % | 63 | % | 77 | % | 70 | % | |||||||||||
| Crew | 91 | % | 94 | % | 84 | % | 79 | % | 78 | % | |||||||||||
| Mini-supply | 85 | % | 88 | % | 98 | % | 98 | % | 96 | % | |||||||||||
| Standby safety | 87 | % | 89 | % | 87 | % | 86 | % | 90 | % | |||||||||||
| Supply | 87 | % | 77 | % | 75 | % | 84 | % | 82 | % | |||||||||||
| Towing supply | 94 | % | 54 | % | 51 | % | 48 | % | 44 | % | |||||||||||
| Specialty | 57 | % | 59 | % | 45 | % | 62 | % | 70 | % | |||||||||||
| Liftboats | 80 | % | 82 | % | 70 | % | -- | -- | |||||||||||||
| Overall Fleet Utilization (excluding wind farm utility) | 83 | % | 82 | % | 77 | % | 81 | % | 80 | % | |||||||||||
| Wind farm utility | 88 | % | 96 | % | 93 | % | 86 | % | -- | ||||||||||||
| Overall Fleet Utilization | 84 | % | 85 | % | 80 | % | 82 | % | 80 | % | |||||||||||
| Available Days: | |||||||||||||||||||||
| Anchor handling towing supply | 1,632 | 1,564 | 1,547 | 1,547 | 1,564 | ||||||||||||||||
| Crew | 3,220 | 3,233 | 3,276 | 3,363 | 3,418 | ||||||||||||||||
| Mini-supply | 644 | 644 | 637 | 637 | 644 | ||||||||||||||||
| Standby safety | 2,208 | 2,208 | 2,195 | 2,275 | 2,355 | ||||||||||||||||
| Supply | 1,656 | 1,631 | 1,649 | 1,705 | 1,798 | ||||||||||||||||
| Towing supply | 184 | 184 | 360 | 364 | 368 | ||||||||||||||||
| Specialty | 329 | 276 | 273 | 273 | 276 | ||||||||||||||||
| Liftboats | 1,656 | 1,656 | 1,656 | -- | -- | ||||||||||||||||
| Overall Fleet Available Days (excluding wind farm utility) | 11,529 | 11,396 | 11,593 | 10,164 | 10,423 | ||||||||||||||||
| Wind farm utility | 2,760 | 2,760 | 2,730 | 2,647 | -- | ||||||||||||||||
| Overall Fleet Available Days | 14,289 | 14,156 | 14,323 | 12,811 | 10,423 | ||||||||||||||||
Contact Information:
For additional information, contact
Molly Hottinger
(954) 627-5278
www.seacorholdings.com