SEACOR Holdings Announces Results for Its First Quarter Ended March 31, 2017
FORT LAUDERDALE, FL -- (Marketwired) -- 05/09/17 -- SEACOR Holdings Inc. (NYSE: CKH) (the "Company") today announced its results for its first quarter ended March 31, 2017.
For the quarter ended March 31, 2017, net income attributable to SEACOR Holdings Inc. was $4.1 million ($0.24 per diluted share) compared with a net loss of $93.7 million ($5.52 per diluted share) for the quarter ended December 31, 2016. A comparison of results for the quarter ended March 31, 2017 with the preceding quarter ended December 31, 2016 is included in the "Highlights for the Quarter" discussion below.
Operating income before depreciation and amortization ("OIBDA" - see disclosure related to Non-GAAP measures in the statements of income (loss) and segment information tables herein) was $16.1 million in the first quarter compared with $30.8 million in the preceding quarter, excluding impairment charges of $0.4 million and $98.8 million, respectively.
For the quarter ended March 31, 2016, net loss attributable to SEACOR Holdings Inc. was $27.2 million ($1.62 per diluted share).
Highlights for the Quarter
Offshore Marine Services ("OMS") - Operating loss was $18.6 million compared with $82.7 million in the preceding quarter. As a consequence of continuing difficult market conditions, OMS recognized impairment charges of $69.1 million in the preceding quarter primarily associated with its anchor handling towing supply fleet. OIBDA, excluding impairment charges, was $(6.1) million on operating revenues of $34.3 million compared with $0.2 million on operating revenues of $44.4 million in the preceding quarter.
Excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet decreased from 39% to 38% and average rates per day worked decreased by 9% from $9,093 to $8,272. Days available for charter were 8% lower in the first quarter primarily due to vessels retired and removed from service, net fleet dispositions and fewer operating days during the quarter. This release includes a table presenting time charter operating data by vessel class.
Operating results from international regions, excluding losses on asset dispositions and impairments, were $7.7 million lower compared with the preceding quarter. Time charter revenues were $7.6 million lower primarily due to the conclusion of several term charters, the deferral of revenues for which collection was not reasonably assured and additional out-of-service days associated with drydockings. On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization increased from 64% to 65%, and average rates per day worked decreased from $9,073 to $8,082. Other operating revenues were $2.6 million lower primarily due to a reduction in mobilization and other marine services. General and administrative expenses included a $1.6 million provision for doubtful accounts compared with a $3.1 million provision in the preceding quarter. As of March 31, 2017, the Company had four of 92 owned and leased-in vessels cold-stacked in international regions compared with nine of 89 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels in the international roster consisted of one fast support vessel, one supply vessel, one specialty vessel and one wind farm utility vessel. As of March 31, 2017, the Company had five vessels retired and removed from service in international regions including two fast support vessels and three supply vessels. Effective March 31, 2017, the Company has consolidated the net assets of its Falcon Global joint venture, which owns two-foreign-flag liftboats, after its partner declined to participate in a capital call and the Company obtained 100% voting control. Falcon Global's net assets include property and equipment of $96.0 million and debt of $58.3 million.
Operating results in the U.S. Gulf of Mexico, excluding losses on asset dispositions and impairments, were $0.8 million higher compared with the preceding quarter. Time charter revenues were $0.3 million higher for the U.S. anchor handling towing supply vessels and unchanged for other vessel classes. On a total fleet basis, including cold-stacked vessels, utilization was unchanged at 7%, and average rates per day worked increased from $9,316 to $10,133. Operating expenses were $1.2 million higher primarily due to reactivation costs for certain offshore support vessels in anticipation of improved market conditions. General and administrative expenses were lower primarily due to recording a $1.1 million provision for doubtful accounts in the preceding quarter. Depreciation expense was $0.9 million lower compared with the preceding quarter. As of March 31, 2017, the Company had 35 of 44 owned and leased-in vessels cold-stacked in the U.S. Gulf of Mexico compared with 40 of 44 as of December 31, 2016. As of March 31, 2017, the cold-stacked vessels consisted of ten anchor handling towing supply vessels, 16 fast support vessels, one supply vessel, one specialty vessel and seven liftboats. As of the March 31, 2017, the Company had one anchor handling towing supply vessel retired and removed from service in the U.S. Gulf of Mexico.
Other, net losses of $1.8 million in the preceding quarter primarily related to a reserve for a note receivable from a third party following a decline in the underlying collateral value.
Equity in losses of 50% or less owned companies of $6.0 million in the preceding quarter were primarily due to impairment charges of $6.4 million associated with the joint ventured foreign-flag liftboat fleet.
On April 28, 2017, the Company acquired a 100% controlling interest in its Sea-Cat Crewzer and Sea-Cat Crewzer II joint ventures through the acquisition of its partner's 50% ownership interest for $15.7 million in cash. Sea-Cat Crewzer and Sea-Cat Crewzer II each own and operate two foreign-flag catamaran fast support vessels.
Inland River Services - Operating loss was $0.1 million compared with operating income of $8.7 million in the preceding quarter. OIBDA was $6.5 million on operating revenues of $42.7 million compared with $15.3 million on operating revenues of $53.0 million in the preceding quarter.
Operating results, excluding gains (losses) on asset dispositions and impairments, were $8.3 million lower compared with the preceding quarter primarily due to lower activity levels for the dry-cargo barge pools following the conclusion of the fall harvest, partially offset by higher activity levels for terminal and fleeting operations.
Foreign currency gains of $1.4 million were primarily due to the strengthening of the Colombian peso in relation to the U.S. dollar underlying certain of the Company's intercompany lease obligations.
Equity in losses of 50% or less owned companies of $2.4 million was primarily due to the operating results of SCFCo, the Company's joint venture operating on the Parana-Paraguay River Waterway, as a consequence of continued weakness in the iron ore and grain markets and seasonal low water conditions.
Shipping Services - Operating income was $13.6 million compared with $7.6 million in the preceding quarter. OIBDA was $22.8 million (of which $10.1 million was attributable to noncontrolling interests) on operating revenues of $67.6 million compared with $16.5 million (of which $5.3 million was attributable to noncontrolling interests) on operating revenues of $59.6 million in the preceding quarter.
Operating results were $6.0 million higher primarily due to lower regulatory drydocking costs and related out-of-service time for one U.S.-flag product tanker, partially offset by higher drydocking and maintenance and repair costs for harbor towing and short-sea transportation.
Equity in earnings of 50% or less owned companies of $1.0 million was primarily due to the operating results of Trailer Bridge, the Company's joint venture operating in the Puerto Rico liner trade.
Illinois Corn Processing - Segment profit was $1.3 million (of which $0.4 million was attributable to noncontrolling interests) on operating revenues of $38.4 million compared with $5.8 million (of which $1.7 million was attributable to noncontrolling interests) on operating revenues of $43.2 million in the preceding quarter. Segment profit was $4.5 million lower primarily due to lower volumes and prices for fuel ethanol.
Marketable Security Gains (Losses) - Marketable security results during the first quarter were primarily attributable to the Company's investment in 9,177,135 shares of Dorian, a publicly traded company listed on the New York Stock Exchange under the symbol "LPG." The Company recognized unrealized gains related to Dorian of $21.3 million compared with $20.3 million in the preceding quarter. The closing share price of Dorian was $10.53 and $8.21 as of March 31, 2017 and December 31, 2016, respectively. The Company's cost basis in Dorian is $13.66 per share. The closing share price of Dorian was $8.90 as of May 8, 2017.
Capital Commitments - The Company's capital commitments as of March 31, 2017 by year of expected payment were as follows (in thousands):
| 2017 | 2018 | 2019 | 2020 | Total | ||||||||||
| Offshore Marine Services | $ | 13,817 | $ | 53,050 | $ | 13,183 | $ | 1,800 | $ | 81,850 | ||||
| Shipping Services | 13,893 | -- | -- | -- | 13,893 | |||||||||
| Inland River Services | 20,465 | -- | -- | -- | 20,465 | |||||||||
| Illinois Corn Processing | 1,762 | 375 | -- | -- | 2,137 | |||||||||
| $ | 49,937 | $ | 53,425 | $ | 13,183 | $ | 1,800 | $ | 118,345 | |||||
Offshore Marine Services' capital commitments included six fast support vessels, three supply vessels and one wind farm utility vessel. These commitments included $15.4 million for one supply vessel that may be assumed by a third party at their option. Shipping Services' capital commitments included one U.S.-flag chemical and petroleum articulated tug-barge, two U.S.-flag harbor tugs and two foreign-flag harbor tugs. Inland River Services' capital commitments included one 30,000 barrel inland river liquid tank barge, two inland river towboats and other equipment and improvements. Subsequent to March 31, 2017, the Company committed to purchase additional equipment for $9.7 million.
Liquidity and Debt - As of March 31, 2017, the Company's balances of cash, cash equivalents, restricted cash, marketable securities and construction reserve funds totaled $669.1 million and its total outstanding debt was $1,097.8 million. In addition, the Company had $35.9 million of borrowing capacity under its subsidiary credit facilities. Subsequent to March 31, 2017, the Company's subsidiaries borrowed $13.9 million under these credit facilities to fund their capital commitments.
As of March 31, 2017, the remaining principal amount outstanding of the Company's 2.5% Convertible Senior Notes of $157.1 million and the principal amount of the Company's 3.75% Subsidiary Convertible Senior Notes of $175.0 million are included in current liabilities as the holders may require the Company to repurchase these notes on December 19, 2017 and January 11, 2018, respectively.
SEACOR and its subsidiaries are in the business of owning, operating, investing in and marketing equipment, primarily in the offshore oil and gas, shipping and logistics industries. SEACOR offers customers a diversified suite of services and equipment, including offshore marine, inland river storage and handling, distribution of petroleum, chemical and agricultural commodities, and shipping. SEACOR is dedicated to building innovative, modern, "next generation," efficient marine equipment while providing highly responsive service with the highest safety standards and dedicated professional employees. SEACOR is publicly traded on the New York Stock Exchange (NYSE) under the symbol CKH.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such 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 a decline in the price of oil, an oversupply of newly built offshore support vessels, 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, including as a result of the recent vote in the U.K. to leave the European Union, 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 and economic sanctions, the dependence of Offshore Marine Services, Inland River Services, Shipping Services and Illinois Corn Processing on several key 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, Inland River 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 on Inland River Services' operations, the effect of the spread between the input costs of corn and natural gas compared with the price of alcohol and distillers grains on Illinois Corn Processing's operations, adequacy of insurance coverage, the ability to remediate the material weaknesses the Company has identified in its internal controls over financial reporting, 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 as well as those discussed in Item 1A (Risk Factors) of the Company's Annual report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR's website at www.seacorholdings.com.
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data, unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2017 | 2016 | ||||||||
| Operating Revenues | $ | 190,447 | $ | 213,928 | |||||
| Costs and Expenses: | |||||||||
| Operating | 143,964 | 157,468 | |||||||
| Administrative and general | 35,427 | 35,704 | |||||||
| Depreciation and amortization | 30,397 | 30,989 | |||||||
| 209,788 | 224,161 | ||||||||
| Gains on Asset Dispositions and Impairments, Net | 4,631 | 217 | |||||||
| Operating Loss | (14,710 | ) | (10,016 | ) | |||||
| Other Income (Expense): | |||||||||
| Interest income | 2,813 | 5,593 | |||||||
| Interest expense | (13,474 | ) | (11,935 | ) | |||||
| Debt extinguishment gains, net | -- | 3,223 | |||||||
| Marketable security gains (losses), net | 32,574 | (25,096 | ) | ||||||
| Derivative gains, net | 3,075 | 2,620 | |||||||
| Foreign currency gains, net | 1,210 | 37 | |||||||
| Other, net | 194 | 268 | |||||||
| 26,392 | (25,290 | ) | |||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | 11,682 | (35,306 | ) | ||||||
| Income Tax Expense (Benefit) | 1,572 | (14,831 | ) | ||||||
| Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 10,110 | (20,475 | ) | ||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 546 | (49 | ) | ||||||
| Net Income (Loss) | 10,656 | (20,524 | ) | ||||||
| Net Income attributable to Noncontrolling Interests in Subsidiaries | 6,573 | 6,662 | |||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | 4,083 | $ | (27,186 | ) | ||||
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.24 | $ | (1.62 | ) | ||||
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.24 | $ | (1.62 | ) | ||||
| Weighted Average Common Shares Outstanding: | |||||||||
| Basic | 17,074,043 | 16,817,368 | |||||||
| Diluted | 17,363,839 | 16,817,368 | |||||||
| OIBDA(1) | $ | 15,687 | $ | 20,973 | |||||
______________________
| (1) | Non-GAAP Financial Measure. The Company, from time to time, discloses and discusses OIBDA, 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 (loss) 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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions. |
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except per share data, unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||||||||||||||||
| Operating Revenues | $ | 190,447 | $ | 213,036 | $ | 206,983 | $ | 197,038 | $ | 213,928 | ||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating | 143,964 | 149,667 | 146,796 | 143,882 | 157,468 | |||||||||||||||
| Administrative and general | 35,427 | 36,457 | 32,245 | 34,175 | 35,704 | |||||||||||||||
| Depreciation and amortization | 30,397 | 31,451 | 31,132 | 31,361 | 30,989 | |||||||||||||||
| 209,788 | 217,575 | 210,173 | 209,418 | 224,161 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 4,631 | (94,825 | ) | (29,826 | ) | (17,771 | ) | 217 | ||||||||||||
| Operating Loss | (14,710 | ) | (99,364 | ) | (33,016 | ) | (30,151 | ) | (10,016 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 2,813 | 3,449 | 5,277 | 5,020 | 5,593 | |||||||||||||||
| Interest expense | (13,474 | ) | (12,453 | ) | (12,504 | ) | (12,834 | ) | (11,935 | ) | ||||||||||
| Debt extinguishment gains (losses), net | -- | (211 | ) | 557 | 1,615 | 3,223 | ||||||||||||||
| Marketable security gains (losses), net | 32,574 | 24,713 | (7,865 | ) | (23,951 | ) | (25,096 | ) | ||||||||||||
| Derivative gains (losses), net | 3,075 | (10,116 | ) | (1,174 | ) | (1,555 | ) | 2,620 | ||||||||||||
| Foreign currency gains (losses), net | 1,210 | (1,217 | ) | (666 | ) | (22 | ) | 37 | ||||||||||||
| Other, net | 194 | (7,362 | ) | (5,460 | ) | (7,652 | ) | 268 | ||||||||||||
| 26,392 | (3,197 | ) | (21,835 | ) | (39,379 | ) | (25,290 | ) | ||||||||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | 11,682 | (102,561 | ) | (54,851 | ) | (69,530 | ) | (35,306 | ) | |||||||||||
| Income Tax Expense (Benefit) | 1,572 | (32,093 | ) | (21,147 | ) | (25,759 | ) | (14,831 | ) | |||||||||||
| Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 10,110 | (70,468 | ) | (33,704 | ) | (43,771 | ) | (20,475 | ) | |||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 546 | (19,821 | ) | (322 | ) | (7,162 | ) | (49 | ) | |||||||||||
| Net Income (Loss) | 10,656 | (90,289 | ) | (34,026 | ) | (50,933 | ) | (20,524 | ) | |||||||||||
| Net Income attributable to Noncontrolling Interests in Subsidiaries | 6,573 | 3,460 | 5,777 | 4,226 | 6,662 | |||||||||||||||
| Net Income (Loss) attributable to SEACOR Holdings Inc. | $ | 4,083 | $ | (93,749 | ) | $ | (39,803 | ) | $ | (55,159 | ) | $ | (27,186 | ) | ||||||
| Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.24 | $ | (5.52 | ) | $ | (2.35 | ) | $ | (3.26 | ) | $ | (1.62 | ) | ||||||
| Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc. | $ | 0.24 | $ | (5.52 | ) | $ | (2.35 | ) | $ | (3.26 | ) | $ | (1.62 | ) | ||||||
| Weighted Average Common Shares of Outstanding: | ||||||||||||||||||||
| Basic | 17,074 | 16,969 | 16,944 | 16,929 | 16,817 | |||||||||||||||
| Diluted | 17,364 | 16,969 | 16,944 | 16,929 | 16,817 | |||||||||||||||
| Common Shares Outstanding at Period End | 17,406 | 17,401 | 17,336 | 17,321 | 17,295 | |||||||||||||||
| OIBDA(1) | $ | 15,687 | $ | (67,913 | ) | $ | (1,884 | ) | $ | 1,210 | $ | 20,973 | ||||||||
______________________
| (1) | Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, 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 (loss) 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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions. |
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||||||||||||||||
| Offshore Marine Services | |||||||||||||||||||||
| Operating Revenues | $ | 34,304 | $ | 44,361 | $ | 54,125 | $ | 57,271 | $ | 59,879 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 33,379 | 32,671 | 41,159 | 44,245 | 48,850 | ||||||||||||||||
| Administrative and general | 11,826 | 14,393 | 10,588 | 11,929 | 12,398 | ||||||||||||||||
| Depreciation and amortization | 12,503 | 13,764 | 14,213 | 15,254 | 14,838 | ||||||||||||||||
| 57,708 | 60,828 | 65,960 | 71,428 | 76,086 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 4,819 | (66,252 | ) | (29,233 | ) | (20,357 | ) | (380 | ) | ||||||||||||
| Operating Loss | (18,585 | ) | (82,719 | ) | (41,068 | ) | (34,514 | ) | (16,587 | ) | |||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | (89 | ) | (82 | ) | 16 | 163 | 2,898 | ||||||||||||||
| Foreign currency gains (losses), net | (189 | ) | 151 | (1,084 | ) | (819 | ) | (1,560 | ) | ||||||||||||
| Other, net | (1 | ) | (1,756 | ) | 1 | -- | 265 | ||||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 438 | (5,950 | ) | 790 | (3,315 | ) | 2,161 | ||||||||||||||
| Segment Loss(1) | $ | (18,426 | ) | $ | (90,356 | ) | $ | (41,345 | ) | $ | (38,485 | ) | $ | (12,823 | ) | ||||||
| OIBDA(2) | $ | (6,082 | ) | $ | (68,955 | ) | $ | (26,855 | ) | $ | (19,260 | ) | $ | (1,749 | ) | ||||||
| Drydocking expenditures (included in operating costs and expenses) | $ | 3,067 | $ | 131 | $ | 2,024 | $ | 1,964 | $ | 3,703 | |||||||||||
| Out-of-service days for drydockings | 248 | 20 | 62 | 191 | 131 | ||||||||||||||||
| Inland River Services | |||||||||||||||||||||
| Operating Revenues | $ | 42,669 | $ | 53,021 | $ | 41,094 | $ | 33,814 | $ | 39,614 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 32,569 | 35,400 | 31,496 | 27,446 | 30,118 | ||||||||||||||||
| Administrative and general | 3,792 | 2,945 | 3,982 | 3,777 | 3,912 | ||||||||||||||||
| Depreciation and amortization | 6,592 | 6,628 | 6,308 | 6,254 | 7,137 | ||||||||||||||||
| 42,953 | 44,973 | 41,786 | 37,477 | 41,167 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 233 | 605 | (597 | ) | 2,580 | 605 | |||||||||||||||
| Operating Income (Loss) | (51 | ) | 8,653 | (1,289 | ) | (1,083 | ) | (948 | ) | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Foreign currency gains (losses), net | 1,368 | (1,143 | ) | 410 | 1,018 | 1,437 | |||||||||||||||
| Other, net | -- | 1 | (1 | ) | (4 | ) | -- | ||||||||||||||
| Equity in Losses of 50% or Less Owned Companies, Net of Tax | (2,378 | ) | (11,318 | ) | (171 | ) | (1,677 | ) | (2,778 | ) | |||||||||||
| Segment Loss(1) | $ | (1,061 | ) | $ | (3,807 | ) | $ | (1,051 | ) | $ | (1,746 | ) | $ | (2,289 | ) | ||||||
| OIBDA(2) | $ | 6,541 | $ | 15,281 | $ | 5,019 | $ | 5,171 | $ | 6,189 | |||||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||||||||||||||||
| Shipping Services | |||||||||||||||||||||
| Operating Revenues | $ | 67,639 | $ | 59,618 | $ | 57,350 | $ | 55,620 | $ | 57,055 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 37,354 | 36,586 | 28,542 | 30,269 | 27,234 | ||||||||||||||||
| Administrative and general | 7,088 | 6,895 | 6,675 | 7,337 | 6,918 | ||||||||||||||||
| Depreciation and amortization | 9,161 | 8,969 | 8,216 | 7,415 | 6,562 | ||||||||||||||||
| 53,603 | 52,450 | 43,433 | 45,021 | 40,714 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions | (421 | ) | 408 | 3 | 6 | (6 | ) | ||||||||||||||
| Operating Income | 13,615 | 7,576 | 13,920 | 10,605 | 16,335 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Foreign currency losses, net | (5 | ) | (6 | ) | (3 | ) | (6 | ) | (3 | ) | |||||||||||
| Other, net | (362 | ) | 237 | (5,534 | ) | (928 | ) | 1 | |||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,036 | (2,581 | ) | (551 | ) | (1,591 | ) | 26 | |||||||||||||
| Segment Profit(1) | $ | 14,284 | $ | 5,226 | $ | 7,832 | $ | 8,080 | $ | 16,359 | |||||||||||
| OIBDA(2) | $ | 22,776 | $ | 16,545 | $ | 22,136 | $ | 18,020 | $ | 22,897 | |||||||||||
| Drydocking expenditures for U.S.-flag product tankers(included in operating costs and expenses) | $ | 94 | $ | 4,506 | $ | 95 | $ | 62 | $ | (73 | ) | ||||||||||
| Out-of-service days for drydockings of U.S.-flag product tankers | -- | 45 | -- | -- | -- | ||||||||||||||||
| Illinois Corn Processing | |||||||||||||||||||||
| Operating Revenues | $ | 38,385 | $ | 43,197 | $ | 44,019 | $ | 40,576 | $ | 49,609 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 36,101 | 36,174 | 39,879 | 36,153 | 46,289 | ||||||||||||||||
| Administrative and general | 746 | 693 | 750 | 912 | 656 | ||||||||||||||||
| Depreciation and amortization | 1,175 | 1,127 | 1,055 | 1,064 | 1,053 | ||||||||||||||||
| 38,022 | 37,994 | 41,684 | 38,129 | 47,998 | |||||||||||||||||
| Operating Income | 363 | 5,203 | 2,335 | 2,447 | 1,611 | ||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | 334 | 570 | (328 | ) | 856 | (187 | ) | ||||||||||||||
| Other, net | 615 | -- | -- | -- | -- | ||||||||||||||||
| Segment Profit(1) | $ | 1,312 | $ | 5,773 | $ | 2,007 | $ | 3,303 | $ | 1,424 | |||||||||||
| SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||||||||||||||||
| Witt O'Brien's and Other | |||||||||||||||||||||
| Operating Revenues | $ | 8,124 | $ | 13,572 | $ | 11,146 | $ | 10,261 | $ | 8,419 | |||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | 5,372 | 9,711 | 6,618 | 6,427 | 5,805 | ||||||||||||||||
| Administrative and general | 3,373 | 5,510 | 3,833 | 3,649 | 4,223 | ||||||||||||||||
| Depreciation and amortization | 202 | 204 | 432 | 448 | 455 | ||||||||||||||||
| 8,947 | 15,425 | 10,883 | 10,524 | 10,483 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | -- | (29,586 | ) | 1 | -- | (2 | ) | ||||||||||||||
| Operating Income (Loss) | (823 | ) | (31,439 | ) | 264 | (263 | ) | (2,066 | ) | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Foreign currency gains (losses), net | 10 | (57 | ) | (25 | ) | (73 | ) | (27 | ) | ||||||||||||
| Other, net | (300 | ) | (5,885 | ) | -- | (6,723 | ) | -- | |||||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,450 | 28 | (390 | ) | (579 | ) | 542 | ||||||||||||||
| Segment Profit (Loss)(1) | $ | 337 | $ | (37,353 | ) | $ | (151 | ) | $ | (7,638 | ) | $ | (1,551 | ) | |||||||
| Corporate and Eliminations | |||||||||||||||||||||
| Operating Revenues | $ | (674 | ) | $ | (733 | ) | $ | (751 | ) | $ | (504 | ) | $ | (648 | ) | ||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating | (811 | ) | (875 | ) | (898 | ) | (658 | ) | (828 | ) | |||||||||||
| Administrative and general | 8,602 | 6,021 | 6,417 | 6,571 | 7,597 | ||||||||||||||||
| Depreciation and amortization | 764 | 759 | 908 | 926 | 944 | ||||||||||||||||
| 8,555 | 5,905 | 6,427 | 6,839 | 7,713 | |||||||||||||||||
| Operating Loss | $ | (9,229 | ) | $ | (6,638 | ) | $ | (7,178 | ) | $ | (7,343 | ) | $ | (8,361 | ) | ||||||
| Other Income (Expense): | |||||||||||||||||||||
| Derivative gains (losses), net | $ | 2,830 | $ | (10,604 | ) | $ | (862 | ) | $ | (2,574 | ) | $ | (91 | ) | |||||||
| Foreign currency gains (losses), net | 26 | (162 | ) | 36 | (142 | ) | 190 | ||||||||||||||
| Other, net | 242 | 41 | 74 | 3 | 2 | ||||||||||||||||
______________________
| (1) | Includes amounts attributable to both SEACOR and noncontrolling interests. |
| (2) | Non-GAAP Financial Measure.The Company, from time to time, discloses and discusses OIBDA, a non-GAAP financial measure, for certain of its operating segments in its public releases and other filings with the Securities and Exchange Commission. The Company defines OIBDA as operating income (loss) for the applicable segment 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. In addition, this measurement does not necessarily represent funds available for discretionary use and is not a measure of the Company's ability to fund its cash needs. 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 officers and other shore-based employees; and (iii) to compare to the OIBDA of other companies when evaluating potential acquisitions. |
| SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||||||||||||||||
| Rates Per Day Worked: | ||||||||||||||||||||
| Anchor handling towing supply | $ | 13,341 | $ | 13,686 | $ | 16,469 | $ | 20,828 | $ | 21,719 | ||||||||||
| Fast support | 7,417 | 7,875 | 7,848 | 7,636 | 7,587 | |||||||||||||||
| Supply | 11,707 | 6,298 | 5,935 | 5,709 | 6,484 | |||||||||||||||
| Standby safety | 8,131 | 8,284 | 8,904 | 9,632 | 9,564 | |||||||||||||||
| Specialty | -- | 37,024 | 30,593 | 18,642 | 12,403 | |||||||||||||||
| Liftboats | 9,782 | 13,486 | 16,822 | 11,852 | 15,150 | |||||||||||||||
| Overall Average Rates Per Day Worked(excluding wind farm utility) | 8,272 | 9,093 | 10,089 | 10,354 | 10,545 | |||||||||||||||
| Wind farm utility | 2,005 | 2,104 | 2,260 | 2,394 | 2,419 | |||||||||||||||
| Overall Average Rates Per Day Worked | 5,726 | 6,308 | 6,834 | 7,352 | 7,915 | |||||||||||||||
| Utilization: | ||||||||||||||||||||
| Anchor handling towing supply | 15 | % | 20 | % | 27 | % | 33 | % | 47 | % | ||||||||||
| Fast support | 44 | % | 47 | % | 62 | % | 69 | % | 68 | % | ||||||||||
| Supply | 20 | % | 19 | % | 31 | % | 27 | % | 37 | % | ||||||||||
| Standby safety | 80 | % | 81 | % | 78 | % | 77 | % | 79 | % | ||||||||||
| Specialty | -- | % | 23 | % | 58 | % | 81 | % | 45 | % | ||||||||||
| Liftboats | 1 | % | 1 | % | 8 | % | 6 | % | 5 | % | ||||||||||
| Overall Fleet Utilization (excluding wind farm utility) | 38 | % | 39 | % | 47 | % | 50 | % | 52 | % | ||||||||||
| Wind farm utility | 65 | % | 71 | % | 86 | % | 77 | % | 65 | % | ||||||||||
| Overall Fleet Utilization | 46 | % | 47 | % | 58 | % | 57 | % | 56 | % | ||||||||||
| Available Days: | ||||||||||||||||||||
| Anchor handling towing supply | 1,260 | 1,564 | 1,483 | 1,365 | 1,365 | |||||||||||||||
| Fast support | 3,212 | 3,312 | 2,389 | 2,174 | 2,093 | |||||||||||||||
| Supply | 630 | 953 | 1,109 | 1,140 | 1,179 | |||||||||||||||
| Standby safety | 1,800 | 1,840 | 1,989 | 2,104 | 2,184 | |||||||||||||||
| Specialty | 270 | 337 | 276 | 273 | 273 | |||||||||||||||
| Liftboats | 1,265 | 1,380 | 1,380 | 1,365 | 1,365 | |||||||||||||||
| Overall Fleet Available Days(excluding wind farm utility) | 8,437 | 9,386 | 8,626 | 8,421 | 8,459 | |||||||||||||||
| Wind farm utility | 3,330 | 3,404 | 3,345 | 3,276 | 3,245 | |||||||||||||||
| Overall Fleet Available Days | 11,767 | 12,790 | 11,971 | 11,697 | 11,704 | |||||||||||||||
| SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) | |||||||||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |||||||||||||
| ASSETS | |||||||||||||||||
| Current Assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 418,903 | $ | 399,644 | $ | 471,180 | $ | 552,840 | $ | 496,473 | |||||||
| Restricted cash | 4,065 | 3,711 | 3,364 | 1,742 | -- | ||||||||||||
| Marketable securities | 98,189 | 116,276 | 78,717 | 87,701 | 110,894 | ||||||||||||
| Receivables: | |||||||||||||||||
| Trade, net of allowance for doubtful accounts | 131,292 | 162,880 | 148,358 | 125,987 | 130,731 | ||||||||||||
| Other | 65,227 | 56,287 | 32,452 | 34,319 | 31,440 | ||||||||||||
| Inventories | 19,385 | 16,773 | 16,047 | 16,798 | 18,431 | ||||||||||||
| Prepaid expenses and other | 8,998 | 7,230 | 9,500 | 10,157 | 9,615 | ||||||||||||
| Total current assets | 746,059 | 762,801 | 759,618 | 829,544 | 797,584 | ||||||||||||
| Property and Equipment: | |||||||||||||||||
| Historical cost | 2,482,651 | 2,194,023 | 2,128,010 | 2,158,826 | 2,015,205 | ||||||||||||
| Accumulated depreciation | (1,020,009 | ) | (1,008,867 | ) | (1,008,629 | ) | (997,214 | ) | (986,048 | ) | |||||||
| 1,462,642 | 1,185,156 | 1,119,381 | 1,161,612 | 1,029,157 | |||||||||||||
| Construction in progress | 224,809 | 370,512 | 464,660 | 402,090 | 484,472 | ||||||||||||
| Held for sale equipment | -- | -- | -- | -- | 86,332 | ||||||||||||
| Net property and equipment | 1,687,451 | 1,555,668 | 1,584,041 | 1,563,702 | 1,599,961 | ||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 297,162 | 313,772 | 331,063 | 325,386 | 334,370 | ||||||||||||
| Construction Reserve Funds | 147,955 | 153,962 | 161,865 | 166,888 | 255,350 | ||||||||||||
| Goodwill | 32,787 | 32,758 | 52,403 | 52,394 | 52,376 | ||||||||||||
| Intangible Assets, Net | 19,519 | 20,078 | 23,496 | 24,116 | 25,750 | ||||||||||||
| Other Assets | 24,045 | 23,282 | 41,647 | 39,287 | 46,496 | ||||||||||||
| $ | 2,954,978 | $ | 2,862,321 | $ | 2,954,133 | $ | 3,001,317 | $ | 3,111,887 | ||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||
| Current Liabilities: | |||||||||||||||||
| Current portion of long-term debt | $ | 364,583 | $ | 183,602 | $ | 28,228 | $ | 24,409 | $ | 35,688 | |||||||
| Accounts payable and accrued expenses | 66,749 | 90,702 | 70,032 | 55,971 | 50,660 | ||||||||||||
| Other current liabilities | 103,088 | 95,645 | 96,324 | 98,706 | 107,811 | ||||||||||||
| Total current liabilities | 534,420 | 369,949 | 194,584 | 179,086 | 194,159 | ||||||||||||
| Long-Term Debt | 733,214 | 848,771 | 1,013,691 | 1,014,632 | 1,018,331 | ||||||||||||
| Exchange Option Liability on Subsidiary Convertible Senior Notes | 16,809 | 19,436 | 8,938 | 8,171 | 5,747 | ||||||||||||
| Deferred Income Taxes | 311,949 | 288,601 | 307,353 | 330,375 | 374,476 | ||||||||||||
| Deferred Gains and Other Liabilities | 131,717 | 139,296 | 148,085 | 155,859 | 153,051 | ||||||||||||
| Total liabilities | 1,728,109 | 1,666,053 | 1,672,651 | 1,688,123 | 1,745,764 | ||||||||||||
| Equity: | |||||||||||||||||
| SEACOR Holdings Inc. stockholders' equity: | |||||||||||||||||
| Preferred stock | -- | -- | -- | -- | -- | ||||||||||||
| Common stock | 380 | 379 | 379 | 379 | 379 | ||||||||||||
| Additional paid-in capital | 1,527,460 | 1,518,635 | 1,512,209 | 1,510,623 | 1,508,981 | ||||||||||||
| Retained earnings | 914,806 | 910,723 | 1,004,472 | 1,044,275 | 1,099,434 | ||||||||||||
| Shares held in treasury, at cost | (1,364,172 | ) | (1,357,331 | ) | (1,357,331 | ) | (1,357,876 | ) | (1,357,809 | ) | |||||||
| Accumulated other comprehensive loss, net of tax | (11,024 | ) | (11,514 | ) | (10,471 | ) | (10,810 | ) | (7,764 | ) | |||||||
| 1,067,450 | 1,060,892 | 1,149,258 | 1,186,591 | 1,243,221 | |||||||||||||
| Noncontrolling interests in subsidiaries | 159,419 | 135,376 | 132,224 | 126,603 | 122,902 | ||||||||||||
| Total equity | 1,226,869 | 1,196,268 | 1,281,482 | 1,313,194 | 1,366,123 | ||||||||||||
| $ | 2,954,978 | $ | 2,862,321 | $ | 2,954,133 | $ | 3,001,317 | $ | 3,111,887 | ||||||||
| SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) | ||||||||||
| Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||||||
| Offshore Marine Services(1) | ||||||||||
| Anchor handling towing supply | 25 | 25 | 27 | 27 | 18 | |||||
| Fast support | 51 | 48 | 50 | 39 | 38 | |||||
| Supply | 28 | 28 | 31 | 33 | 33 | |||||
| Standby safety | 21 | 21 | 21 | 23 | 25 | |||||
| Specialty | 6 | 6 | 7 | 7 | 5 | |||||
| Liftboats | 15 | 15 | 15 | 15 | 15 | |||||
| Wind farm utility | 40 | 40 | 40 | 39 | 39 | |||||
| 186 | 183 | 191 | 183 | 173 | ||||||
| Inland River Services | ||||||||||
| Dry-cargo barges | 1,443 | 1,443 | 1,405 | 1,393 | 1,426 | |||||
| Liquid tank barges: | ||||||||||
| 10,000 barrel | 18 | 18 | 18 | 18 | 18 | |||||
| 30,000 barrel | -- | -- | -- | -- | 27 | |||||
| Specialty barges(2) | 10 | 11 | 11 | 11 | 11 | |||||
| Towboats: | ||||||||||
| 4,000 hp - 6,600 hp | 18 | 17 | 17 | 17 | 17 | |||||
| 3,300 hp - 3,900 hp | 1 | 1 | 1 | 1 | -- | |||||
| Less than 3,200 hp | 4 | 4 | 4 | 4 | 17 | |||||
| Harbor boats: | ||||||||||
| 1,100 hp - 2,000 hp | 15 | 15 | 13 | 13 | 13 | |||||
| Less than 1,100 hp | 9 | 9 | 6 | 6 | 6 | |||||
| 1,518 | 1,518 | 1,475 | 1,463 | 1,535 | ||||||
| Shipping Services | ||||||||||
| Petroleum Transportation: | ||||||||||
| Product tankers - U.S.-flag | 10 | 9 | 8 | 8 | 7 | |||||
| Crude oil tanker - U.S.-flag | -- | -- | -- | -- | 1 | |||||
| Harbor Towing and Bunkering: | ||||||||||
| Harbor tugs - U.S.-flag | 23 | 23 | 24 | 24 | 24 | |||||
| Harbor tugs - Foreign-flag | 4 | 4 | 4 | 4 | 4 | |||||
| Offshore tug - U.S.-flag | 1 | 1 | 1 | 1 | 1 | |||||
| Ocean liquid tank barges - U.S.-flag | 5 | 5 | 5 | 5 | 5 | |||||
| Liner and Short-sea Transportation: | ||||||||||
| RORO/deck barges - U.S.-flag | 7 | 7 | 7 | 7 | 7 | |||||
| Short-sea container/RORO - Foreign-flag | 7 | 7 | 7 | 7 | 7 | |||||
| Other: | ||||||||||
| Dry bulk articulated tug-barge - U.S.-flag | 1 | 1 | 1 | 1 | 1 | |||||
| 58 | 57 | 57 | 57 | 57 | ||||||
______________________
| (1) | Excludes six and eight offshore support vessels as of March 31, 2017 and December 31, 2016, respectively, that had been retired and removed from service. |
| (2) | Includes non-certificated 10,000 and 30,000 barrel inland river liquid tank barges. |
| SEACOR HOLDINGS INC. EXPECTED FLEET DELIVERIES AS OF MARCH 31, 2017 (unaudited) | ||||||||||||||||||||||||||||
| 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Total | |||||||||||||||
| Offshore Marine Services | ||||||||||||||||||||||||||||
| Fast support | 1 | 1 | -- | -- | -- | -- | 1 | -- | 1 | -- | 1 | -- | 1 | 6 | ||||||||||||||
| Supply(1) | -- | -- | -- | 1 | -- | 1 | -- | 1 | -- | -- | -- | -- | -- | 3 | ||||||||||||||
| Wind farm utility | -- | 1 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 1 | ||||||||||||||
| Shipping Services | ||||||||||||||||||||||||||||
| Articulated tug-barge - U.S.-flag | -- | 1 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 1 | ||||||||||||||
| Harbor tugs - U.S.-flag | 1 | -- | 1 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2 | ||||||||||||||
| Harbor tugs - Foreign-flag | 2 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2 | ||||||||||||||
| Inland River Services | ||||||||||||||||||||||||||||
| 30,000 barrel liquid tank barge | 1 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 1 | ||||||||||||||
| Towboats: | ||||||||||||||||||||||||||||
| 4,000 hp - 6,600 hp | -- | 1 | 1 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 2 | ||||||||||||||
______________________
| (1) | Includes one vessel that may be assumed by a third party at their option. |
Contact:
Molly Hottinger
(954) 627-5278
Source: SEACOR Holdings Inc.