Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - SEACOR HOLDINGS INC /NEW/ | seacorholdingsinc8-kaq3ear.htm |
PRESS RELEASE
SEACOR HOLDINGS ANNOUNCES RESULTS FOR THE
THIRD QUARTER ENDED SEPTEMBER 30, 2012
Fort Lauderdale, Florida
October 30, 2012
FOR IMMEDIATE RELEASE — SEACOR Holdings Inc. (NYSE:CKH) today announced its results for the third quarter ended September 30, 2012. Net income attributable to SEACOR Holdings Inc. for the quarter ended September 30, 2012 was $16.1 million, or $0.78 per diluted share. For the nine months ended September 30, 2012, net income attributable to SEACOR Holdings Inc. was $63.8 million, or $3.06 per diluted share, including net income from discontinued operations of $19.0 million, or $0.91 per diluted share.
On March 16, 2012, the Company disposed of certain companies and assets that were part of its Environmental Services business segment for a net sales price of $99.9 million and a gain of $20.8 million, net of tax, or $1.00 per diluted share. Operating results for all periods presented have been restated to reflect income (loss) from discontinued operations, net of tax, for the part of the business that was sold.
For the preceding quarter ended June 30, 2012, net income attributable to SEACOR Holdings Inc. was $11.2 million, or $0.54 per diluted share, including a net loss from discontinued operations of $0.4 million, or $0.02 per diluted share. A comparison of results for the quarter ended September 30, 2012 with the preceding quarter ended June 30, 2012 is included in the “Highlights for the Quarter” discussion below.
For the quarter ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $3.8 million, or $0.18 per diluted share, including a net loss from discontinued operations of $0.8 million, or $0.03 per diluted share. For the nine months ended September 30, 2011, net income attributable to SEACOR Holdings Inc. was $24.0 million, or $1.12 per diluted share, including a net loss from discontinued operations of $2.1 million, or $0.10 per diluted share.
Highlights for the Quarter
Offshore Marine Services – Operating income was $21.2 million on operating revenues of $134.3 million compared with operating income of $0.8 million on operating revenues of $123.3 million in the preceding quarter.
In the U.S. Gulf of Mexico, operating income was $13.3 million higher in the third quarter, of which $9.1 million was due to an increased contribution from the Company's liftboat fleet and $4.6 million was due to gains on asset dispositions, of which $4.1 million had been deferred in prior periods. The liftboat fleet contributed an additional $6.8 million of time charter revenues primarily due to reduced drydocking activity and the positive impact of seasonal market conditions. Time charter revenues for the other vessel classes declined by $0.8 million in total during the current quarter. In overall terms including liftboats, fleet utilization was 77.3% compared with 71.1% in the preceding quarter and average day rates increased from $12,610 per day to $13,394 per day. During the quarter, the Company cold-stacked three anchor handling towing supply vessels. As of June 30, 2012, the Company had no vessels in cold-stack. Operating expenses were $3.0 million lower primarily due to reduced drydocking activity.
In international regions, operating income was $7.1 million higher in the third quarter, including higher gains on asset dispositions of $1.4 million. Time charter revenues were $5.0 million higher primarily due to a seasonal time charter in Asia and reduced drydocking activity during the third quarter. Excluding the Company's fleet of wind farm utility vessels, utilization was 86.3% compared with 83.3% in the preceding quarter and average day rates increased from $11,631 per day to $12,162 per day. Operating expenses were $2.2 million lower primarily
#PageNum#
due to decreased drydocking activity and the cost of vessel mobilizations between geographic regions during the preceding quarter.
In the third quarter, the total number of days available for charter for the Company's fleet, excluding the wind farm utility vessels, decreased by 197 days, or 2% primarily due to net fleet dispositions. Overall utilization increased from 77.4% to 82.0% and overall average day rates increased by 5% from $12,068 per day to $12,718 per day. Time charter operating data by vessel class is presented in the table included herein. During the third quarter, drydocking costs were $4.3 million compared with $10.8 million in the preceding quarter.
Administrative and general expenses were $1.6 million higher in the third quarter primarily due to increased management bonus accruals and higher legal expenses, and an allowance for doubtful accounts provided in connection with a customer bankruptcy.
Aviation Services – Operating income was $11.1 million on operating revenues of $78.0 million compared with operating income of $7.4 million on operating revenues of $63.0 million in the preceding quarter. Third quarter results included $0.6 million in gains on asset dispositions compared with $1.1 million in gains in the preceding quarter.
Operating revenues were $15.0 million higher primarily due to the recognition of $6.2 million of previously deferred revenues, additional charter flights in response to hurricane activity in the U.S. Gulf of Mexico, additional helicopters placed on contract and seasonal activity in Alaska.
Operating expenses were $7.2 million higher in the third quarter primarily due to the recognition of $4.9 million in power-by-hour credits in the preceding quarter and higher fuel, insurance and other operating costs in line with increased activity levels.
Administrative and general expenses were $3.1 million higher in the third quarter primarily due to an allowance for doubtful accounts provided in connection with a customer bankruptcy. Depreciation and amortization expenses were $10.9 million in the third quarter, an increase of $0.4 million primarily due to net fleet additions.
Inland River Services - Operating income was $7.7 million on operating revenues of $53.3 million compared with operating income of $5.7 million on operating revenues of $53.3 million in the preceding quarter. Third quarter results included $3.5 million in gains on asset dispositions compared with $0.9 million in gains in the preceding quarter. Operating conditions for the pooled hopper barge fleet continued to be difficult in the third quarter primarily due to poor river conditions and continuing weak demand for barge freight primarily for grain exports. During the third quarter, Inland River Services recognized $2.2 million of equity in losses of 50% or less owned companies, net of tax, primarily from its Argentinian joint venture as a result of difficult operating conditions and provisions for uncertain insurance recoveries related to facility damage sustained in 2011.
Marine Transportation Services – Operating income was $2.0 million on operating revenues of $27.4 million compared with operating income of $0.5 million on operating revenues of $25.8 million in the preceding quarter. Operating results for Marine Transportation Services' U.S.-flag product tanker fleet were $2.3 million higher in the third quarter primarily due to less out-of-service time and lower repair and maintenance expenses. Operating results for its foreign flag Roll-on/Roll-off vessels were $0.8 million lower primarily due to the settlement of a legal dispute.
Emergency and Crisis Services – As noted above, the Company sold part of its Environmental Services business segment in March 2012. The remaining business within the segment, renamed Emergency and Crisis Services, reported an operating loss of $1.3 million on operating revenues of $9.3 million compared with an operating loss of $2.1 million on operating revenues of $8.4 million in the preceding quarter. The improvement in operating results was primarily due to higher exercise and training activities.
Commodity Trading and Logistics – Segment profit was $0.1 million on operating revenues of $145.7 million compared with segment profit of $3.0 million on operating revenues of $206.7 million in the preceding quarter. Segment profit decreased in the third quarter primarily due to lower results from merchandising and trading activities.
#PageNum#
Other – Other reported a segment profit of $6.6 million on operating revenues of $18.0 million compared with segment profit of $2.6 million on operating revenues of $17.6 million in the preceding quarter. Third quarter results included a termination payment of $7.0 million received from one of Harbor and Offshore Towing Services customers following the cancellation of a long-term charter, partially offset by a $1.2 million impairment charge for an aircraft included in the Company's lending and leasing activities.
Corporate and Eliminations – Administrative and general expenses were $8.4 million compared with $7.5 million in the preceding quarter. The increase was primarily due to professional fees incurred in connection with the Company's recently announced intention to spinoff of its Aviation Services business segment.
Stock Repurchases - During the third quarter, the Company purchased 130,368 shares of its common stock at an average price of $86.61 per share. As of September 30, 2012, 20,850,751 shares of SEACOR's common stock remained outstanding.
5.875% Senior Notes due 2012 – On September 28, 2012, the Company made an irrevocable deposit of $171.0 million to its trustee for the extinguishment of the Company's 5.875% Senior Notes at their scheduled maturity on October 1, 2012. As of September 30, 2012, the irrevocable deposit held by the trustee was included in restricted cash.
Equipment Acquisitions – During the nine months ended September 30, 2012, capital expenditures were $257.0 million. Equipment deliveries during that period included two offshore support vessel, one wind farm utility vessel, three inland river dry cargo barges, four liquid tank barges, two inland river towboats and seventeen helicopters.
Capital Commitments – The Company's unfunded capital commitments as of September 30, 2012 were $365.0 million and consisted of: twelve offshore support vessels for $131.4 million; an interest in a jack-up drilling rig for $30.3 million; twelve helicopters for $138.3 million; seven inland river tank barges for $15.1 million; three inland river towboats for $9.4 million; four harbor tugs for $23.0 million; and other equipment and improvements for $14.9 million. In addition, the Company notified the lessee of its intent to purchase two harbor tugs currently operating under capital leases for $2.6 million. Of these commitments, $58.6 million is payable during 2012 with the balance payable through 2016 and $125.0 million may be terminated without further liability other than the payment of liquidated damages of $3.3 million. As of September 30, 2012, the Company held balances of cash, cash equivalents, restricted cash (excluding an irrevocable deposit held by the Company's trustee of $171.0 million), marketable securities, construction reserve funds and Title XI reserve funds totaling $430.4 million.
* * * * *
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, aviation, inland river, marine transportation, crisis and emergency management preparedness and response solutions, commodity trading and logistics and offshore and harbor towing. 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.
#PageNum#
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 and aviation equipment or failures to finalize commitments to charter vessels and aviation equipment 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 providing 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, Marine Transportation Services and Aviation Services, decreased demand for Marine Transportation Services and Harbor and Offshore Towing 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, Marine Transportation Services and Aviation Services on several customers, consolidation of the Company's customer base, safety issues experienced by a particular helicopter model that could result in customers refusing to use that helicopter model or a regulatory body grounding that helicopter model, which also could permanently devalue that helicopter model, the ongoing need to replace aging vessels and aircraft, industry fleet capacity, restrictions imposed by the Shipping Acts and Aviation Acts on the amount of foreign ownership of the Company's Common Stock, operational risks of Offshore Marine Services, Marine Transportation Services, Harbor and Offshore Towing Services and Aviation Services, effects of adverse weather conditions and seasonality, dependence of emergency response revenue on the number and size of events and upon continuing government regulation in this area and Emergency and Crisis Services' ability to comply with such regulation and other governmental regulation, liability in connection with providing emergency response services, 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 Commodity Trading and Logistics activities, adequacy of insurance coverage, the attraction and retention of qualified personnel by the Company, the ability to complete the previously announced intention to spinoff the Aviation Services business, the ability to realize the expected benefits of the intended spinoff of the Aviation Services business 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.
For additional information, contact Molly Hottinger at (954) 627-5278 or visit SEACOR’s website at www.seacorholdings.com.
#PageNum#
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share data, unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Operating Revenues | $ | 462,058 | $ | 545,089 | $ | 1,454,365 | $ | 1,492,383 | |||||||||
Costs and Expenses: | |||||||||||||||||
Operating | 340,947 | 455,442 | 1,128,269 | 1,206,550 | |||||||||||||
Administrative and general | 50,460 | 35,387 | 141,758 | 116,211 | |||||||||||||
Depreciation and amortization | 45,285 | 36,437 | 128,297 | 114,097 | |||||||||||||
436,692 | 527,266 | 1,398,324 | 1,436,858 | ||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 9,677 | 10,986 | 19,638 | 28,542 | |||||||||||||
Operating Income | 35,043 | 28,809 | 75,679 | 84,067 | |||||||||||||
Other Income (Expense): | |||||||||||||||||
Interest income | 4,144 | 5,462 | 14,761 | 12,491 | |||||||||||||
Interest expense | (12,679 | ) | (10,711 | ) | (37,116 | ) | (31,216 | ) | |||||||||
Debt extinguishment losses, net | — | (51 | ) | (160 | ) | (99 | ) | ||||||||||
Marketable security gains (losses), net | (1,730 | ) | 130 | 13,224 | (3,090 | ) | |||||||||||
Derivative losses, net | (4,649 | ) | (25,954 | ) | (5,281 | ) | (35,873 | ) | |||||||||
Foreign currency gains (losses), net | 632 | (3,126 | ) | 2,192 | 3,349 | ||||||||||||
Other, net | 7,098 | (39 | ) | 7,487 | (273 | ) | |||||||||||
(7,184 | ) | (34,289 | ) | (4,893 | ) | (54,711 | ) | ||||||||||
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies | 27,859 | (5,480 | ) | 70,786 | 29,356 | ||||||||||||
Income Tax Expense (Benefit) | 11,277 | (669 | ) | 27,860 | 12,881 | ||||||||||||
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 16,582 | (4,811 | ) | 42,926 | 16,475 | ||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1,078 | ) | 9,655 | 1,215 | 10,569 | ||||||||||||
Income from Continuing Operations | 15,504 | 4,844 | 44,141 | 27,044 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (782 | ) | 19,035 | (2,146 | ) | |||||||||||
Net Income | 15,504 | 4,062 | 63,176 | 24,898 | |||||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (598 | ) | 247 | (663 | ) | 882 | |||||||||||
Net Income attributable to SEACOR Holdings Inc. | $ | 16,102 | $ | 3,815 | $ | 63,839 | $ | 24,016 | |||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 16,102 | $ | 4,597 | $ | 44,804 | $ | 26,162 | |||||||||
Discontinued operations | — | (782 | ) | 19,035 | (2,146 | ) | |||||||||||
$ | 16,102 | $ | 3,815 | $ | 63,839 | $ | 24,016 | ||||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 0.79 | $ | 0.22 | $ | 2.18 | $ | 1.24 | |||||||||
Discontinued operations | — | (0.04 | ) | 0.93 | (0.10 | ) | |||||||||||
$ | 0.79 | $ | 0.18 | $ | 3.11 | $ | 1.14 | ||||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||
Continuing operations | $ | 0.78 | $ | 0.21 | $ | 2.15 | $ | 1.22 | |||||||||
Discontinued operations | — | (0.03 | ) | 0.91 | (0.10 | ) | |||||||||||
$ | 0.78 | $ | 0.18 | $ | 3.06 | $ | 1.12 | ||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||
Basic | 20,432,997 | 21,202,480 | 20,512,118 | 21,158,110 | |||||||||||||
Diluted | 20,740,456 | 21,565,149 | 20,838,468 | 21,508,457 | |||||||||||||
#PageNum#
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
Operating Revenues | $ | 462,058 | $ | 494,422 | $ | 497,885 | $ | 518,954 | $ | 545,089 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 340,947 | 403,210 | 384,112 | 412,042 | 455,442 | ||||||||||||||||
Administrative and general | 50,460 | 45,120 | 46,178 | 50,731 | 35,387 | ||||||||||||||||
Depreciation and amortization | 45,285 | 43,685 | 39,327 | 35,395 | 36,437 | ||||||||||||||||
436,692 | 492,015 | 469,617 | 498,168 | 527,266 | |||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 9,677 | 4,419 | 5,542 | 5,469 | 10,986 | ||||||||||||||||
Operating Income | 35,043 | 6,826 | 33,810 | 26,255 | 28,809 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Interest income | 4,144 | 7,641 | 2,976 | 1,127 | 5,462 | ||||||||||||||||
Interest expense | (12,679 | ) | (12,413 | ) | (12,024 | ) | (10,027 | ) | (10,711 | ) | |||||||||||
Debt extinguishment losses, net | — | — | (160 | ) | — | (51 | ) | ||||||||||||||
Marketable security gains (losses), net | (1,730 | ) | 11,596 | 3,358 | (4,803 | ) | 130 | ||||||||||||||
Derivative gains (losses), net | (4,649 | ) | 3,487 | (4,119 | ) | (262 | ) | (25,954 | ) | ||||||||||||
Foreign currency gains (losses), net | 632 | (992 | ) | 2,552 | (2,600 | ) | (3,126 | ) | |||||||||||||
Other, net | 7,098 | 443 | (54 | ) | 1,133 | (39 | ) | ||||||||||||||
(7,184 | ) | 9,762 | (7,471 | ) | (15,432 | ) | (34,289 | ) | |||||||||||||
Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) and Equity In Earnings (Losses) of 50% or Less Owned Companies | 27,859 | 16,588 | 26,339 | 10,823 | (5,480 | ) | |||||||||||||||
Income Tax Expense (Benefit) | 11,277 | 5,975 | 10,608 | 2,645 | (669 | ) | |||||||||||||||
Income (Loss) from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies | 16,582 | 10,613 | 15,731 | 8,178 | (4,811 | ) | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1,078 | ) | 1,051 | 1,242 | (579 | ) | 9,655 | ||||||||||||||
Income from Continuing Operations | 15,504 | 11,664 | 16,973 | 7,599 | 4,844 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | — | (365 | ) | 19,400 | 9,653 | (782 | ) | ||||||||||||||
Net Income | 15,504 | 11,299 | 36,373 | 17,252 | 4,062 | ||||||||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (598 | ) | 50 | (115 | ) | 212 | 247 | ||||||||||||||
Net Income attributable to SEACOR Holdings Inc. | $ | 16,102 | $ | 11,249 | $ | 36,488 | $ | 17,040 | $ | 3,815 | |||||||||||
Net Income (Loss) attributable to SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 16,102 | $ | 11,614 | $ | 17,088 | $ | 7,387 | $ | 4,597 | |||||||||||
Discontinued operations | — | (365 | ) | 19,400 | 9,653 | (782 | ) | ||||||||||||||
$ | 16,102 | $ | 11,249 | $ | 36,488 | $ | 17,040 | $ | 3,815 | ||||||||||||
Basic Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 0.79 | $ | 0.56 | $ | 0.83 | $ | 0.35 | $ | 0.22 | |||||||||||
Discontinued operations | — | (0.01 | ) | 0.95 | 0.46 | (0.04 | ) | ||||||||||||||
$ | 0.79 | $ | 0.55 | $ | 1.78 | $ | 0.81 | $ | 0.18 | ||||||||||||
Diluted Earnings (Loss) Per Common Share of SEACOR Holdings Inc.: | |||||||||||||||||||||
Continuing operations | $ | 0.78 | $ | 0.56 | $ | 0.82 | $ | 0.35 | $ | 0.21 | |||||||||||
Discontinued operations | — | (0.02 | ) | 0.93 | 0.45 | (0.03 | ) | ||||||||||||||
$ | 0.78 | $ | 0.54 | $ | 1.75 | $ | 0.80 | $ | 0.18 | ||||||||||||
Weighted Average Common Shares of Outstanding: | |||||||||||||||||||||
Basic | 20,433 | 20,585 | 20,520 | 21,005 | 21,202 | ||||||||||||||||
Diluted | 20,740 | 20,871 | 20,893 | 21,354 | 21,565 | ||||||||||||||||
Common Shares Outstanding at Period End | 20,851 | 20,948 | 21,114 | 20,933 | 21,715 | ||||||||||||||||
#PageNum#
SEACOR HOLDINGS INC. SEGMENT INFORMATION (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
Offshore Marine Services | |||||||||||||||||||||
Operating Revenues | $ | 134,322 | $ | 123,276 | $ | 121,086 | $ | 109,781 | $ | 93,277 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 88,842 | 94,084 | 75,340 | 69,484 | 68,457 | ||||||||||||||||
Administrative and general | 14,795 | 13,146 | 11,856 | 13,666 | 10,687 | ||||||||||||||||
Depreciation and amortization | 16,051 | 15,859 | 12,882 | 11,954 | 11,785 | ||||||||||||||||
119,688 | 123,089 | 100,078 | 95,104 | 90,929 | |||||||||||||||||
Gains on Asset Dispositions | 6,585 | 624 | 1,845 | 1,449 | 5,241 | ||||||||||||||||
Operating Income | 21,219 | 811 | 22,853 | 16,126 | 7,589 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | 717 | (354 | ) | 1,123 | (1,290 | ) | (2,129 | ) | |||||||||||||
Other, net | — | 11 | — | 272 | 6 | ||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 1,238 | 1,001 | 1,829 | (500 | ) | 8,754 | |||||||||||||||
Segment Profit | $ | 23,174 | $ | 1,469 | $ | 25,805 | $ | 14,608 | $ | 14,220 | |||||||||||
Aviation Services | |||||||||||||||||||||
Operating Revenues | $ | 77,989 | $ | 62,985 | $ | 61,052 | $ | 61,696 | $ | 71,804 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 46,235 | 39,002 | 39,676 | 41,084 | 45,701 | ||||||||||||||||
Administrative and general | 10,338 | 7,195 | 9,677 | 11,803 | 6,841 | ||||||||||||||||
Depreciation and amortization | 10,937 | 10,464 | 9,630 | 9,210 | 9,093 | ||||||||||||||||
67,510 | 56,661 | 58,983 | 62,097 | 61,635 | |||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 613 | 1,077 | 1,765 | 1,912 | 4,894 | ||||||||||||||||
Operating Income | 11,092 | 7,401 | 3,834 | 1,511 | 15,063 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative losses, net | (188 | ) | (180 | ) | (124 | ) | (18 | ) | (807 | ) | |||||||||||
Foreign currency gains (losses), net | (272 | ) | (12 | ) | 917 | (80 | ) | (95 | ) | ||||||||||||
Other, net | — | — | 30 | 9 | — | ||||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 219 | 756 | (6,419 | ) | (979 | ) | 106 | ||||||||||||||
Segment Profit (Loss) | $ | 10,851 | $ | 7,965 | $ | (1,762 | ) | $ | 443 | $ | 14,267 | ||||||||||
Inland River Services | |||||||||||||||||||||
Operating Revenues | $ | 53,293 | $ | 53,302 | $ | 53,490 | $ | 51,871 | $ | 47,875 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 38,320 | 37,463 | 35,183 | 31,702 | 31,196 | ||||||||||||||||
Administrative and general | 3,480 | 3,773 | 3,982 | 3,270 | 2,206 | ||||||||||||||||
Depreciation and amortization | 7,335 | 7,244 | 7,007 | 5,617 | 6,464 | ||||||||||||||||
49,135 | 48,480 | 46,172 | 40,589 | 39,866 | |||||||||||||||||
Gains on Asset Dispositions | 3,503 | 858 | 1,927 | 986 | 1,303 | ||||||||||||||||
Operating Income | 7,661 | 5,680 | 9,245 | 12,268 | 9,312 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | 33 | (71 | ) | (22 | ) | — | — | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (2,227 | ) | 439 | 250 | 955 | 2,771 | |||||||||||||||
Segment Profit | $ | 5,467 | $ | 6,048 | $ | 9,473 | $ | 13,223 | $ | 12,083 | |||||||||||
#PageNum#
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
Marine Transportation Services | |||||||||||||||||||||
Operating Revenues | $ | 27,354 | $ | 25,792 | $ | 26,283 | $ | 26,705 | $ | 24,783 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 15,584 | 16,722 | 15,758 | 15,338 | 15,194 | ||||||||||||||||
Administrative and general | 4,301 | 2,934 | 2,475 | 3,257 | 2,044 | ||||||||||||||||
Depreciation and amortization | 5,639 | 5,666 | 5,651 | 5,540 | 5,833 | ||||||||||||||||
25,524 | 25,322 | 23,884 | 24,135 | 23,071 | |||||||||||||||||
Gains on Asset Dispositions | 145 | — | — | 1,125 | — | ||||||||||||||||
Operating Income | 1,975 | 470 | 2,399 | 3,695 | 1,712 | ||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | 10 | (3 | ) | 9 | (15 | ) | (18 | ) | |||||||||||||
Other, net | 4 | 49 | 30 | 87 | 131 | ||||||||||||||||
Equity in Losses of 50% or Less Owned Companies, Net of Tax | (551 | ) | (774 | ) | (217 | ) | (74 | ) | — | ||||||||||||
Segment Profit (Loss) | $ | 1,438 | $ | (258 | ) | $ | 2,221 | $ | 3,693 | $ | 1,825 | ||||||||||
Emergency and Crisis Services | |||||||||||||||||||||
Operating Revenues | $ | 9,267 | $ | 8,439 | $ | 10,215 | $ | 16,763 | $ | 14,080 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 5,871 | 5,808 | 6,873 | 10,145 | 9,141 | ||||||||||||||||
Administrative and general | 4,256 | 4,211 | 3,254 | 3,030 | 2,961 | ||||||||||||||||
Depreciation and amortization | 483 | 491 | 484 | 486 | 655 | ||||||||||||||||
10,610 | 10,510 | 10,611 | 13,661 | 12,757 | |||||||||||||||||
Gains on Asset Dispositions | — | — | 5 | — | 7 | ||||||||||||||||
Operating Income (Loss) | (1,343 | ) | (2,071 | ) | (391 | ) | 3,102 | 1,330 | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | 26 | (20 | ) | 14 | (14 | ) | 17 | ||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 72 | 147 | 67 | (4 | ) | — | |||||||||||||||
Segment Profit (Loss) | $ | (1,245 | ) | $ | (1,944 | ) | $ | (310 | ) | $ | 3,084 | $ | 1,347 | ||||||||
Commodity Trading and Logistics | |||||||||||||||||||||
Operating Revenues | $ | 145,725 | $ | 206,745 | $ | 209,696 | $ | 237,177 | $ | 279,178 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 137,281 | 202,126 | 203,233 | 236,664 | 279,180 | ||||||||||||||||
Administrative and general | 2,236 | 3,411 | 3,141 | 1,598 | 1,944 | ||||||||||||||||
Depreciation and amortization | 1,641 | 1,591 | 1,060 | 20 | 12 | ||||||||||||||||
141,158 | 207,128 | 207,434 | 238,282 | 281,136 | |||||||||||||||||
Operating Income (Loss) | 4,567 | (383 | ) | 2,262 | (1,105 | ) | (1,958 | ) | |||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative gains (losses), net | (4,304 | ) | 3,393 | (2,939 | ) | 1,251 | (3,063 | ) | |||||||||||||
Foreign currency gains (losses), net | (183 | ) | (14 | ) | 79 | (28 | ) | 153 | |||||||||||||
Other, net | — | — | — | (167 | ) | — | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (1 | ) | — | 6,154 | 1,452 | (2,267 | ) | ||||||||||||||
Segment Profit (Loss) | $ | 79 | $ | 2,996 | $ | 5,556 | $ | 1,403 | $ | (7,135 | ) | ||||||||||
#PageNum#
SEACOR HOLDINGS INC. SEGMENT INFORMATION (continued) (in thousands, unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
Other | |||||||||||||||||||||
Operating Revenues | $ | 17,986 | $ | 17,555 | $ | 19,944 | $ | 17,730 | $ | 16,741 | |||||||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | 12,543 | 11,562 | 11,814 | 10,274 | 9,117 | ||||||||||||||||
Administrative and general | 2,655 | 2,996 | 2,817 | 3,589 | 2,523 | ||||||||||||||||
Depreciation and amortization | 2,345 | 1,904 | 2,158 | 2,119 | 2,129 | ||||||||||||||||
17,543 | 16,462 | 16,789 | 15,982 | 13,769 | |||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net | (1,169 | ) | 1,860 | — | (3 | ) | (315 | ) | |||||||||||||
Operating Income (Loss) | (726 | ) | 2,953 | 3,155 | 1,745 | 2,657 | |||||||||||||||
Other Income (Expense): | |||||||||||||||||||||
Foreign currency gains (losses), net | 6 | (7 | ) | (16 | ) | — | (75 | ) | |||||||||||||
Other, net | 7,141 | 208 | — | 983 | (1 | ) | |||||||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | 172 | (518 | ) | (422 | ) | (1,429 | ) | 291 | |||||||||||||
Segment Profit | $ | 6,593 | $ | 2,636 | $ | 2,717 | $ | 1,299 | $ | 2,872 | |||||||||||
Corporate and Eliminations | |||||||||||||||||||||
Operating Revenues | $ | (3,878 | ) | $ | (3,672 | ) | $ | (3,881 | ) | $ | (2,769 | ) | $ | (2,649 | ) | ||||||
Costs and Expenses: | |||||||||||||||||||||
Operating | (3,729 | ) | (3,557 | ) | (3,765 | ) | (2,649 | ) | (2,544 | ) | |||||||||||
Administrative and general | 8,399 | 7,454 | 8,976 | 10,518 | 6,181 | ||||||||||||||||
Depreciation and amortization | 854 | 466 | 455 | 449 | 466 | ||||||||||||||||
5,524 | 4,363 | 5,666 | 8,318 | 4,103 | |||||||||||||||||
Losses on Asset Impairments | — | — | — | — | (144 | ) | |||||||||||||||
Operating Loss | $ | (9,402 | ) | $ | (8,035 | ) | $ | (9,547 | ) | $ | (11,087 | ) | $ | (6,896 | ) | ||||||
Other Income (Expense): | |||||||||||||||||||||
Derivative gains (losses), net | $ | (157 | ) | $ | 274 | $ | (1,056 | ) | $ | (1,495 | ) | $ | (22,084 | ) | |||||||
Foreign currency gains (losses), net | 295 | (511 | ) | 448 | (1,173 | ) | (979 | ) | |||||||||||||
Other, net | (47 | ) | 175 | (114 | ) | (51 | ) | (175 | ) | ||||||||||||
#PageNum#
SEACOR HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, unaudited) | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 207,542 | $ | 301,026 | $ | 281,977 | $ | 462,188 | $ | 301,603 | |||||||||||
Restricted cash | 191,782 | 18,347 | 25,958 | 21,281 | 19,474 | ||||||||||||||||
Marketable securities | 22,134 | 32,821 | 68,586 | 66,898 | 82,978 | ||||||||||||||||
Receivables: | |||||||||||||||||||||
Trade, net of allowance for doubtful accounts | 312,993 | 278,917 | 299,484 | 303,843 | 280,434 | ||||||||||||||||
Other | 69,126 | 66,686 | 41,699 | 51,793 | 51,318 | ||||||||||||||||
Inventories | 77,858 | 72,929 | 94,329 | 69,109 | 70,623 | ||||||||||||||||
Deferred income taxes | 11,123 | 11,123 | 11,123 | 11,123 | 5,136 | ||||||||||||||||
Prepaid expenses and other | 16,203 | 13,968 | 11,384 | 9,323 | 13,704 | ||||||||||||||||
Discontinued operations | 3,025 | 3,551 | 4,019 | 44,989 | 48,984 | ||||||||||||||||
Total current assets | 911,786 | 799,368 | 838,559 | 1,040,547 | 874,254 | ||||||||||||||||
Property and Equipment | 3,379,826 | 3,304,524 | 3,314,759 | 3,018,145 | 2,900,843 | ||||||||||||||||
Accumulated depreciation | (976,605 | ) | (934,092 | ) | (905,362 | ) | (867,914 | ) | (868,986 | ) | |||||||||||
Net property and equipment | 2,403,221 | 2,370,432 | 2,409,397 | 2,150,231 | 2,031,857 | ||||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 266,589 | 323,874 | 220,772 | 249,753 | 243,678 | ||||||||||||||||
Construction Reserve Funds & Title XI Reserve Funds | 179,932 | 192,420 | 259,926 | 259,974 | 298,345 | ||||||||||||||||
Goodwill | 57,054 | 57,054 | 57,054 | 57,054 | 54,410 | ||||||||||||||||
Intangible Assets, Net | 19,931 | 21,116 | 22,132 | 21,528 | 16,055 | ||||||||||||||||
Other Assets | 78,723 | 81,553 | 99,113 | 102,348 | 97,724 | ||||||||||||||||
Discontinued Operations | — | — | — | 46,699 | 45,995 | ||||||||||||||||
$ | 3,917,236 | $ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | $ | 3,662,318 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Current portion of long-term debt | $ | 196,326 | $ | 24,546 | $ | 22,078 | $ | 41,091 | $ | 23,138 | |||||||||||
Current portion of capital lease obligations | 4,442 | 4,719 | 2,289 | 2,368 | 1,081 | ||||||||||||||||
Accounts payable and accrued expenses | 152,948 | 131,130 | 142,410 | 185,156 | 170,680 | ||||||||||||||||
Other current liabilities | 143,255 | 160,198 | 176,558 | 150,864 | 191,475 | ||||||||||||||||
Discontinued operations | (309 | ) | (15 | ) | 650 | 22,047 | 55,093 | ||||||||||||||
Total current liabilities | 496,662 | 320,578 | 343,985 | 401,526 | 441,467 | ||||||||||||||||
Long-Term Debt | 813,322 | 940,910 | 976,872 | 995,450 | 669,573 | ||||||||||||||||
Capital Lease Obligations | 87 | 117 | 2,848 | 3,068 | 4,598 | ||||||||||||||||
Deferred Income Taxes | 602,195 | 582,780 | 576,195 | 566,920 | 560,484 | ||||||||||||||||
Deferred Gains and Other Liabilities | 121,486 | 132,248 | 135,695 | 143,390 | 137,783 | ||||||||||||||||
Discontinued Operations | — | — | — | 9,717 | 5,780 | ||||||||||||||||
Total liabilities | 2,033,752 | 1,976,633 | 2,035,595 | 2,120,071 | 1,819,685 | ||||||||||||||||
Equity: | |||||||||||||||||||||
SEACOR Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||||||
Common stock | 366 | 366 | 366 | 364 | 364 | ||||||||||||||||
Additional paid-in capital | 1,277,751 | 1,271,617 | 1,265,708 | 1,256,209 | 1,245,436 | ||||||||||||||||
Retained earnings | 1,576,518 | 1,560,416 | 1,549,167 | 1,512,679 | 1,495,639 | ||||||||||||||||
Shares held in treasury, at cost | (997,541 | ) | (987,485 | ) | (970,023 | ) | (971,687 | ) | (900,225 | ) | |||||||||||
Accumulated other comprehensive loss, net of tax | (3,604 | ) | (5,831 | ) | (5,369 | ) | (7,958 | ) | (9,644 | ) | |||||||||||
1,853,490 | 1,839,083 | 1,839,849 | 1,789,607 | 1,831,570 | |||||||||||||||||
Noncontrolling interests in subsidiaries | 29,994 | 30,101 | 31,509 | 18,456 | 11,063 | ||||||||||||||||
Total equity | 1,883,484 | 1,869,184 | 1,871,358 | 1,808,063 | 1,842,633 | ||||||||||||||||
$ | 3,917,236 | $ | 3,845,817 | $ | 3,906,953 | $ | 3,928,134 | $ | 3,662,318 | ||||||||||||
#PageNum#
SEACOR HOLDINGS INC. FLEET COUNTS (unaudited) | ||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | ||||||||||||
Offshore Marine Services | ||||||||||||||||
Anchor handling towing supply | 19 | 19 | 19 | 19 | 19 | |||||||||||
Crew | 48 | 48 | 48 | 49 | 50 | |||||||||||
Mini-supply | 9 | 9 | 9 | 8 | 8 | |||||||||||
Standby safety | 25 | 25 | 26 | 26 | 27 | |||||||||||
Supply | 25 | 28 | 28 | 30 | 29 | |||||||||||
Towing supply | 3 | 3 | 5 | 5 | 5 | |||||||||||
Liftboats | 20 | 20 | 20 | 2 | 2 | |||||||||||
Specialty | 9 | 9 | 9 | 9 | 9 | |||||||||||
Wind farm utility | 30 | 30 | 30 | 29 | — | |||||||||||
188 | 191 | 194 | 177 | 149 | ||||||||||||
Aviation Services | ||||||||||||||||
Light helicopters – single engine | 59 | 59 | 58 | 58 | 60 | |||||||||||
Light helicopters – twin engine | 41 | 44 | 46 | 45 | 45 | |||||||||||
Medium helicopters | 69 | 68 | 66 | 65 | 65 | |||||||||||
Heavy helicopters | 10 | 9 | 8 | 7 | 7 | |||||||||||
179 | 180 | 178 | 175 | 177 | ||||||||||||
Inland River Services | ||||||||||||||||
Inland river dry-cargo barges | 1,444 | 1,453 | 1,479 | 1,496 | 1,489 | |||||||||||
Inland river liquid tank barges | 80 | 78 | 77 | 77 | 79 | |||||||||||
Inland river deck barges | 20 | 20 | 20 | 20 | 20 | |||||||||||
Inland river towboats | 31 | 31 | 30 | 31 | 31 | |||||||||||
Dry-cargo vessel | 1 | 1 | 1 | 1 | 1 | |||||||||||
1,576 | 1,583 | 1,607 | 1,625 | 1,620 | ||||||||||||
Marine Transportation Services | ||||||||||||||||
U.S.-flag product tankers | 7 | 7 | 7 | 7 | 8 | |||||||||||
Foreign flag RORO vessels | 7 | 8 | 8 | 8 | 8 | |||||||||||
U.S.-flag deck barges | 5 | 5 | — | — | — | |||||||||||
U.S.-flag RORO barges | 2 | 2 | — | — | — | |||||||||||
U.S.-flag Articulated tug-barge | 1 | 1 | — | — | — | |||||||||||
22 | 23 | 15 | 15 | 16 | ||||||||||||
Other | ||||||||||||||||
Harbor and offshore tugs | 27 | 27 | 28 | 28 | 28 | |||||||||||
Ocean liquid tank barges | 5 | 5 | 5 | 5 | 5 | |||||||||||
32 | 32 | 33 | 33 | 33 | ||||||||||||
#PageNum#
SEACOR HOLDINGS INC. OFFSHORE MARINE SERVICES TIME CHARTER OPERATING DATA (unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |||||||||||||||||
Rates Per Day Worked: | |||||||||||||||||||||
Anchor handling towing supply | $ | 22,794 | $ | 24,541 | $ | 30,928 | $ | 27,187 | $ | 27,287 | |||||||||||
Crew | 7,267 | 7,134 | 7,803 | 7,166 | 6,728 | ||||||||||||||||
Mini-supply | 7,735 | 7,424 | 7,409 | 7,948 | 7,535 | ||||||||||||||||
Standby safety | 9,806 | 9,679 | 9,230 | 9,254 | 9,302 | ||||||||||||||||
Supply | 16,567 | 14,354 | 16,662 | 15,755 | 15,459 | ||||||||||||||||
Towing supply | 8,265 | 9,269 | 9,301 | 8,497 | 8,809 | ||||||||||||||||
Specialty | 26,195 | 14,557 | 12,964 | 17,845 | 16,172 | ||||||||||||||||
Liftboats | 19,830 | 17,454 | — | — | — | ||||||||||||||||
Overall Average Rates Per Day Worked (excluding wind farm utility) | 12,718 | 12,068 | 13,174 | 12,187 | 11,318 | ||||||||||||||||
Wind farm utility | 2,882 | 2,802 | 2,431 | — | — | ||||||||||||||||
Overall Average Rates Per Day Worked | 10,552 | 10,019 | 10,839 | 12,187 | 11,318 | ||||||||||||||||
Utilization: | |||||||||||||||||||||
Anchor handling towing supply | 57 | % | 63 | % | 77 | % | 70 | % | 52 | % | |||||||||||
Crew | 94 | % | 84 | % | 79 | % | 78 | % | 75 | % | |||||||||||
Mini-supply | 88 | % | 98 | % | 98 | % | 96 | % | 87 | % | |||||||||||
Standby safety | 89 | % | 87 | % | 86 | % | 90 | % | 88 | % | |||||||||||
Supply | 77 | % | 75 | % | 84 | % | 82 | % | 70 | % | |||||||||||
Towing supply | 54 | % | 51 | % | 48 | % | 44 | % | 43 | % | |||||||||||
Specialty | 59 | % | 45 | % | 62 | % | 70 | % | 48 | % | |||||||||||
Liftboats | 82 | % | 70 | % | — | % | — | % | — | % | |||||||||||
Overall Fleet Utilization (excluding wind farm utility) | 82 | % | 77 | % | 81 | % | 80 | % | 72 | % | |||||||||||
Wind farm utility | 96 | % | 93 | % | 86 | % | — | % | — | % | |||||||||||
Overall Fleet Utilization | 85 | % | 80 | % | 82 | % | 80 | % | 72 | % | |||||||||||
Available Days: | |||||||||||||||||||||
Anchor handling towing supply | 1,564 | 1,547 | 1,547 | 1,564 | 1,564 | ||||||||||||||||
Crew | 3,233 | 3,276 | 3,363 | 3,418 | 3,487 | ||||||||||||||||
Mini-supply | 644 | 637 | 637 | 644 | 644 | ||||||||||||||||
Standby safety | 2,208 | 2,195 | 2,275 | 2,355 | 2,392 | ||||||||||||||||
Supply | 1,631 | 1,649 | 1,705 | 1,798 | 1,748 | ||||||||||||||||
Towing supply | 184 | 360 | 364 | 368 | 368 | ||||||||||||||||
Specialty | 276 | 273 | 273 | 276 | 276 | ||||||||||||||||
Liftboats | 1,656 | 1,656 | — | — | — | ||||||||||||||||
Overall Fleet Available Days (excluding wind farm utility) | 11,396 | 11,593 | 10,164 | 10,423 | 10,479 | ||||||||||||||||
Wind farm utility | 2,760 | 2,730 | 2,647 | — | — | ||||||||||||||||
Overall Fleet Available Days | 14,156 | 14,323 | 12,811 | 10,423 | 10,479 | ||||||||||||||||
#PageNum#