Major Customers and Segment Information | 16. MAJOR CUSTOMERS AND SEGMENT INFORMATION During the year ended December 31, 2024, Azule Energy Angola S.p.A., a joint venture between BP p.l.c. and Eni S.p.A., and SEACOR Marine Arabia, a joint venture of which the Company owns 45 % and through which vessels are in service to Saudi Arabian Oil Company, were responsible for $ 57.6 million or 21 % and $ 51.0 million or 19 %, respectively, of the Company’s total consolidated operating revenues. During the year ended December 31, 2023, ExxonMobil, SEACOR Marine Arabia and Azule Energy Angola S.p.A. were responsible for $ 47.7 million or 17 %, $ 43.2 million or 15 % and $ 42.4 million or 15 %, respectively, of the Company’s total consolidated operating revenues. During the year ended December 31, 2022, ExxonMobil and SEACOR Marine Arabia were responsible for $ 39.6 million or 18 % and $ 30.1 million or 14 %, respectively, of the Company’s total consolidated operating revenues. For the years ended December 31, 2024, 2023 and 2022 , the ten largest customers of the Company accounted for approximately 76 %, 73 % and 66 %, respectively, of the Company’s operating revenues. The loss of one or more of these customers could have a material adverse effect on the Company’s results of operations and cash flows. For the years ended December 31, 2024, 2023 and 2022 , approximately 87 %, 79 % and 72 %, respectively, of the Company’s operating revenues and $ 2.3 million, $ 3.6 million and $ 7.0 million, respectively, of equity in earnings from 50% or less owned companies, net of tax, were derived from its foreign operations. The Company’s offshore support vessels are highly mobile and regularly and routinely move between countries within a geographic region of the world. In addition, these vessels may be redeployed among the geographic regions, subject to flag restrictions, as changes in market conditions dictate. Because of this asset mobility, operating revenues and long-lived assets in any one country and capital expenditures for long-lived assets and gains or losses on asset dispositions and impairments in any one geographic region are not considered meaningful. Direct vessel profit is the Company’s measure of segment profitability when applied to reportable segments. Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its regions. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands): United States Africa and Europe Middle East Latin Total For the year ended December 31, 2024 Operating Revenues: Time charter $ 31,991 $ 99,410 $ 70,346 $ 52,573 $ 254,320 Bareboat charter — — — 1,464 1,464 Other marine services 3,808 5,272 1,979 4,518 15,577 35,799 104,682 72,325 58,555 271,361 Direct Costs and Expenses: Operating: Personnel 24,459 21,887 24,132 15,063 85,541 Repairs and maintenance 6,618 13,537 13,047 7,183 40,385 Drydocking 8,604 4,774 2,796 5,277 21,451 Insurance and loss reserves 2,992 2,329 3,147 1,426 9,894 Fuel, lubes and supplies 3,351 7,197 4,184 5,215 19,947 Other 509 12,723 4,425 2,377 20,034 46,533 62,447 51,731 36,541 197,252 Direct Vessel (Loss) Profit $ ( 10,734 ) $ 42,235 $ 20,594 $ 22,014 $ 74,109 Other Costs and Expenses: Lease expense $ 555 $ 507 $ 301 $ 315 1,678 Administrative and general 44,713 Depreciation and amortization 12,334 17,497 13,276 8,521 51,628 98,019 Gains on asset dispositions and impairments, net 13,481 Operating loss $ ( 10,429 ) As of December 31, 2024 Property and Equipment: Historical cost $ 195,756 $ 325,000 $ 240,075 $ 139,583 $ 900,414 Accumulated depreciation ( 104,771 ) ( 121,320 ) ( 97,908 ) ( 43,449 ) ( 367,448 ) $ 90,985 $ 203,680 $ 142,167 $ 96,134 $ 532,966 Total Assets (1) $ 120,347 $ 241,278 $ 174,410 $ 117,475 $ 653,510 (1) Total Assets exclude $ 73.6 million of corporate assets. United States Africa and Europe Middle East Latin America Total For the year ended December 31, 2023 Operating Revenues: Time charter $ 41,850 $ 87,729 $ 66,407 $ 55,399 $ 251,385 Bareboat charter — — — 1,460 1,460 Other marine services 17,678 2,582 4,345 2,061 26,666 59,528 90,311 70,752 58,920 279,511 Direct Costs and Expenses: Operating: Personnel 26,110 20,434 20,786 14,440 81,770 Repairs and maintenance 5,146 9,624 7,109 4,947 26,826 Drydocking 2,314 2,946 ( 99 ) 1,437 6,598 Insurance and loss reserves 3,752 1,727 3,638 839 9,956 Fuel, lubes and supplies 3,697 6,830 3,552 3,108 17,187 Other 1,427 10,072 3,961 1,853 17,313 42,446 51,633 38,947 26,624 159,650 Direct Vessel Profit $ 17,082 $ 38,678 $ 31,805 $ 32,296 $ 119,861 Other Costs and Expenses: Lease expense $ 536 $ 1,498 $ 360 $ 354 2,748 Administrative and general 49,183 Depreciation and amortization 14,685 15,346 14,760 9,030 53,821 105,752 Gains on asset dispositions and impairments, net 21,409 Operating income $ 35,518 As of December 31, 2023 Property and Equipment: Historical cost $ 209,262 $ 272,272 $ 267,079 $ 170,210 $ 918,823 Accumulated depreciation ( 99,137 ) ( 93,045 ) ( 94,708 ) ( 37,251 ) ( 324,141 ) $ 110,125 $ 179,227 $ 172,371 $ 132,959 $ 594,682 Total Assets (1) $ 142,264 $ 215,158 $ 199,174 $ 152,427 $ 709,023 (1) Total Assets exclude $ 71.3 million of corporate assets. United States Africa and Europe Middle East Latin America Total For the year ended December 31, 2022 Operating Revenues: Time charter $ 51,272 $ 60,060 $ 52,080 $ 40,122 $ 203,534 Bareboat charter — — — 1,374 1,374 Other marine services 9,528 ( 163 ) 762 2,290 12,417 60,800 59,897 52,842 43,786 217,325 Direct Costs and Expenses: Operating: Personnel 25,201 16,436 22,376 13,769 77,782 Repairs and maintenance 7,049 9,229 8,111 7,107 31,496 Drydocking 8,978 2,339 6,569 274 18,160 Insurance and loss reserves 4,831 1,178 2,838 1,115 9,962 Fuel, lubes and supplies 3,345 8,022 5,089 2,833 19,289 Other 1,235 7,175 4,633 2,253 15,296 50,639 44,379 49,616 27,351 171,985 Direct Vessel Profit $ 10,161 $ 15,518 $ 3,226 $ 16,435 $ 45,340 Other Costs and Expenses: Lease expense $ 998 $ 1,691 $ 156 $ 1,024 3,869 Administrative and general 40,911 Depreciation and amortization 17,444 13,708 16,331 8,474 55,957 100,737 Gains on asset dispositions and impairments, net 1,398 Operating loss $ ( 53,999 ) As of December 31, 2022 Property and Equipment: Historical cost $ 232,740 $ 285,303 $ 286,745 $ 162,895 $ 967,683 Accumulated depreciation ( 101,503 ) ( 92,030 ) ( 89,444 ) ( 27,801 ) ( 310,778 ) $ 131,237 $ 193,273 $ 197,301 $ 135,094 $ 656,905 Total Assets (1) $ 174,081 $ 211,371 $ 215,497 $ 150,650 $ 751,599 (1) Total Assets exclude $ 64.0 million of corporate assets. |