Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 09, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | SEACOR Marine Holdings Inc. | |
Entity Central Index Key | 1,690,334 | |
Trading Symbol | smhi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 20,441,590 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 86,239 | $ 110,234 |
Restricted cash | 1,951 | 2,317 |
Receivables: | ||
Trade, net of allowance for doubtful accounts of $4,001 and $4,039 in 2018 and 2017, respectively | 57,658 | 45,616 |
Other | 16,039 | 12,341 |
Inventories | 3,666 | 3,756 |
Prepaid expenses and other | 4,090 | 3,026 |
Total current assets | 169,643 | 177,290 |
Property and Equipment: | ||
Historical cost | 1,287,855 | 1,179,836 |
Accumulated depreciation | (564,477) | (560,160) |
723,378 | 619,676 | |
Construction in progress | 82,274 | 70,157 |
Net property and equipment | 805,652 | 689,833 |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 115,424 | 92,169 |
Construction Reserve Funds | 38,152 | 45,361 |
Other Assets | 3,667 | 3,851 |
1,132,538 | 1,008,504 | |
Current Liabilities: | ||
Current portion of long-term debt | 22,858 | 22,858 |
Accounts payable and accrued expenses | 23,774 | 24,024 |
Due to SEACOR Holdings | 746 | 1,358 |
Accrued wages and benefits | 4,986 | 5,087 |
Accrued income taxes | 4,352 | 4,290 |
Accrued capital, repair and maintenance expenditures | 24,462 | 19,618 |
Deferred revenues | 10,227 | 10,104 |
Other current liabilities | 12,442 | 11,879 |
Total current liabilities | 103,847 | 99,218 |
Long-Term Debt | 348,912 | 292,041 |
Conversion Option Liability on Convertible Senior Notes | 21,886 | 6,832 |
Deferred Income Taxes | 49,789 | 55,506 |
Deferred Gains and Other Liabilities | 27,289 | 31,741 |
Total liabilities | 551,723 | 485,338 |
SEACOR Marine Holdings Inc. stockholders’ equity: | ||
Common stock, $.01 par value, 60,000,000 shares authorized; 20,441,590 and 17,675,356 shares issued in 2018 and 2017, respectively | 204 | 177 |
Additional paid-in capital | 413,754 | 303,996 |
Retained earnings | 150,585 | 216,511 |
Shares held in treasury | (54) | |
Accumulated other comprehensive loss, net of tax | (13,129) | (12,493) |
551,360 | 508,191 | |
Noncontrolling interests in subsidiaries | 29,455 | 14,975 |
Total equity | 580,815 | 523,166 |
$ 1,132,538 | $ 1,008,504 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Trade receivables, allowance for doubtful accounts | $ 4,001 | $ 4,039 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 20,441,590 | 17,675,356 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Revenues | $ 60,701 | $ 42,323 | $ 112,422 | $ 76,627 |
Costs and Expenses: | ||||
Operating | 48,820 | 44,482 | 89,993 | 77,861 |
Administrative and general | 15,532 | 21,705 | 28,339 | 33,531 |
Depreciation and amortization | 18,406 | 14,633 | 37,918 | 27,136 |
82,758 | 80,820 | 156,250 | 138,528 | |
Gains (Losses) on Asset Dispositions and Impairments, Net | 1,055 | (6,318) | (1,588) | (1,499) |
Operating Loss | (21,002) | (44,815) | (45,416) | (63,400) |
Other Income (Expense): | ||||
Interest income | 352 | 275 | 568 | 1,125 |
Interest expense | (6,489) | (4,546) | (12,622) | (7,728) |
SEACOR Holdings management fees | (1,283) | (3,208) | ||
SEACOR Holdings guarantee fees | (7) | (75) | (19) | (151) |
Marketable security (losses) gains, net | (109) | 11,629 | ||
Derivative losses, net | (2,668) | (213) | (14,184) | (302) |
Foreign currency losses, net | (818) | (1,094) | (679) | (1,283) |
Other, net | (1) | |||
(9,630) | (7,045) | (26,936) | 81 | |
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (30,632) | (51,860) | (72,352) | (63,319) |
Income Tax Benefit | (4,724) | (13,800) | (14,548) | (17,222) |
Loss Before Equity in Earnings of 50% or Less Owned Companies | (25,908) | (38,060) | (57,804) | (46,097) |
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax | (721) | 1,571 | (513) | 2,009 |
Net Loss | (26,629) | (36,489) | (58,317) | (44,088) |
Net Loss attributable to Noncontrolling Interests in Subsidiaries | (1,605) | (2,497) | (4,460) | (2,701) |
Net Loss attributable to SEACOR Marine Holdings Inc. | $ (25,024) | $ (33,992) | $ (53,857) | $ (41,387) |
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. (in dollars per share) | $ (1.25) | $ (1.93) | $ (3) | $ (2.34) |
Basic and Diluted Weighted Average Common Shares and Warrants Outstanding: (in shares) | 19,978,516 | 17,631,567 | 17,967,242 | 17,651,352 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Comprehensive Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net loss | $ (26,629) | $ (36,489) | $ (58,317) | $ (44,088) |
Other Comprehensive Loss: | ||||
Foreign currency translation (losses) gains | (2,785) | 1,865 | (873) | 2,784 |
Derivative (losses) gains on cash flow hedges | (63) | (429) | 68 | (438) |
(2,807) | 1,620 | (634) | 2,730 | |
Income tax benefit | (8) | (533) | (35) | (887) |
(2,815) | 1,087 | (669) | 1,843 | |
Comprehensive Loss | (29,444) | (35,402) | (58,986) | (42,245) |
Comprehensive Loss attributable to Noncontrolling Interests in Subsidiaries | (1,715) | (2,399) | (4,493) | (2,505) |
Comprehensive Loss attributable to SEACOR Marine Holdings Inc. | (27,729) | (33,003) | (54,493) | (39,740) |
Interest Expense [Member] | ||||
Other Comprehensive Loss: | ||||
Reclassification of derivative losses on cash flow hedges | (1) | 37 | 49 | |
Reclassification of derivative losses on cash flow hedges | 1 | (37) | (49) | |
Equity Method Investments [Member] | ||||
Other Comprehensive Loss: | ||||
Reclassification of derivative losses on cash flow hedges | (42) | (147) | (171) | (335) |
Reclassification of derivative losses on cash flow hedges | $ 42 | $ 147 | $ 171 | $ 335 |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statement Of Changes In Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2017 | $ 177 | $ 303,996 | $ 216,511 | $ (12,493) | $ 14,975 | $ 523,166 | |
Impact of adoption of accounting principle at Dec. 31, 2017 | (12,069) | (12,069) | |||||
December 31, 2017 as adjusted at Dec. 31, 2017 | 177 | 303,996 | 204,442 | (12,493) | 14,975 | 511,097 | |
Issuance of Common Stock | 23 | 42,973 | 42,996 | ||||
Issuance of Warrants | 62,809 | 62,809 | |||||
Amortization of employee share awards | 1,896 | 1,896 | |||||
Exercise of options | 1 | 812 | 813 | ||||
Exercise of Warrants | 3 | (3) | |||||
Restricted stock vesting | (51) | (51) | |||||
Director share awards | 893 | 893 | |||||
Acquisition of consolidated joint venture | (12,037) | (12,037) | |||||
Issuance of noncontrolling interests | 375 | 31,010 | 31,385 | ||||
Net loss | (53,857) | (4,460) | (58,317) | ||||
Other comprehensive loss | (636) | (33) | (669) | ||||
Balance at Jun. 30, 2018 | $ 204 | $ 413,754 | $ (54) | $ 150,585 | $ (13,129) | $ 29,455 | $ 580,815 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net loss | $ (58,317) | $ (44,088) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 37,918 | 27,136 |
Deferred financing costs amortization | 501 | 1,752 |
Restricted stock amortization | 1,896 | 89 |
Restricted stock vesting | (51) | |
Director share awards | 893 | |
Debt discount amortization | 2,719 | 2,192 |
Amortization of deferred gains against charter expense | (4,019) | (4,100) |
Bad debt expense | 10 | 579 |
Loss from equipment sales, retirements or impairments | 1,588 | 1,499 |
Gains from sale of marketable securities, net | (11,629) | |
Proceeds from sale of securities | 51,877 | |
Derivative losses | 14,184 | 302 |
Cash settlement on derivative transactions, net | (150) | (188) |
Currency loss | 679 | 1,283 |
Deferred income taxes | (17,395) | (5,560) |
Equity earnings (losses), net | 513 | (2,009) |
Dividends received from equity investees | 1,324 | 1,642 |
Changes in Operating Assets and Liabilities: | ||
Accounts receivables | (15,414) | 10,572 |
Other assets | (466) | 3,583 |
Accounts payable and accrued liabilities | (99) | 18,804 |
Net cash (used in) provided by operating activities | (33,686) | 53,736 |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (15,548) | (28,803) |
Cash settlements on derivative transactions, net | (324) | |
Proceeds from disposition of property and equipment | 3,526 | 9,549 |
Net change in construction reserve fund | 7,209 | 10,410 |
Investments in and advances to 50% or less owned companies | (25,560) | (4,216) |
Return of investments and advances from 50% or less owned companies | 7,350 | |
Proceeds from sale of investment in equity investees | 89 | |
Payments received on third party notes receivable, net | 99 | |
Cash assumed on consolidation of 50% or less owned companies | 1,943 | |
Business acquisitions, net of cash acquired | (9,751) | |
Net cash used in investing activities | (30,274) | (13,753) |
Cash Flows from Financing Activities: | ||
Payments on long-term debt | (35,202) | (3,973) |
Proceeds from issuance of long-term debt, net of issue costs | 18,471 | 3,223 |
SMHI Restricted Stock | (2,656) | |
Purchase of subsidiary shares from noncontrolling interests | (3,693) | |
Proceeds from exercise of stock options and Warrants | 813 | |
Issuance of stock | 42,996 | |
Issuance of Warrants | 12,809 | |
Net cash provided by (used in) financing activities | 39,887 | (7,099) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (288) | 1,127 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (24,361) | 34,011 |
Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 112,551 | 118,771 |
Cash, Restricted Cash and Cash Equivalents, End of Period | $ 88,190 | $ 152,782 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company's Annual Report on Form 10 December 31, 2017. Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10 10 not 10 31, 2017. SEACOR Marine was previously a subsidiary of SEACOR Holdings Inc. (along with its consolidated subsidiaries, other than SEACOR Marine and its subsidiaries, collectively referred to as “SEACOR Holdings”). On June 1, 2017, $0.01 May 22, 2017 ( two Recently Adopted Accounting Standards. May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 January 1, 2018 not not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 , January 1, 2018. not 2016 18, Revenue Recognition. Lease Revenues . (see Note 15 ). Revenues from Customers. one three red (see Note 15 ). Revenue that does not ties. Contract liabilities, i six June 30 201 8 201 7 Balance at beginning of period $ 10,104 $ 6,953 Revenues deferred during the period 1,673 2,337 Revenues recognized during the period (1,550) — Balance at end of period $ 10,227 $ 9,290 As of June 30, 2018, $6.8 August 1 7, 2012, t 11 May 19, 2012 As of June 30, 2018, $3.2 not Property and Equipment. not may As of June 30, 2018, Offshore Support Vessels: Wind farm utility vessels 10 All other offshore support vessels (excluding wind farm utility) 20 Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six June 30, 2018, $1.0 Impairment of Long-Lived Assets. may not six June 30, 2018, $3.0 four Impairment of 50% 50% may six June 30, 2018, $1.2 one 50% Income Taxes. During the six June 30, 2018, the Company's effective income tax rate of 20.1% was primarily due to taxes provided on income attributable to noncontrolling interests, foreign sourced income not subject to U.S. income taxes, foreign taxes not six June 30, 2017, the Company’s effective income tax rate of 27.2% was primarily due to losses of foreign subsidiaries not benefited. Deferred Gains. 50% third 50% six June 30 2018 2017 Balance at beginning of period $ 25,006 $ 33,910 Amortization of deferred gains included in operating expenses as a reduction to rental expense (4,019 ) (4,099) Other adjustments (250 ) (364 ) Balance at end of period $ 20,737 $ 29,447 Accumulated Other Comprehensive Income (Loss). SEACOR Marine Holdings Inc. Stockholders’ Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Total Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Other Comprehensive Income (Loss) December 31, 2017 $ (13,195 ) $ 702 $ (12,493 ) $ (1,357 ) $ 1 Other comprehensive income (loss) (847 ) 246 (601 ) (26 ) (7 ) $ (634 ) Income tax expense — (35 ) (35 ) — — (35 ) Six months Ended June 30, 2018 $ (14,042 ) $ 913 $ (13,129 ) $ (1,383 ) $ (6 ) $ (669 ) Loss Per Share. $0.01 For the six June 30, 2018 and 2017, diluted earnings per common share of the Company excluded 2,183,708 4,070,500 common shares, respectively, issuable pursuant to the Company’s Convertible Senior Notes (see Note 4 six June 30, 2018, 196,338 694,691 outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. New Accounting Pronouncements. February 25, 2016, January 1, 2019 not In February 2018, December 2017. December 15, 2018. not In June 2018, December 15, 2018. not |
Note 2 - Equipment Acquisitions
Note 2 - Equipment Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. EQUIPMENT ACQUISITIONS AND DISPOSITIONS During the six June 30, 2018, $18.8 six June 30, 2018 one six Note 4 nd two platform supply 3 During the six June 30, 2018, one two one one one $2.6 $2.5 $0.1 $1.4 |
Note 3 - Investments, at Equity
Note 3 - Investments, at Equity, and Advances to 50% or Less Owned Companies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3. INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% SEACOSCO January 17, 2018, eight $161.1 70% two March 31, 2018, five 30, 2018, one 2019. six 18 $27.5 50% six June 30, 2018, $25.6 e as the remaining vessel t are d $27.5 SEACOR Grant DIS. June 30, 2018, $0.4 $1.2 zero Guarantees. one 50% June 30, 2018, $0.5 In addition, as of June 30, 2018, two 50% first $1.2 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 4. LONG-TERM DEBT Convertible Senior Notes. On December 1, 2015, $175.0 3.75%, December 1, 2022, 23.26 $1,000 $0.01 On May 2, 2018, $50 1,886,792 k (to facilitate compliance with the provisions of the Jones Act) at an exercise price of $0.01 37.73 $1,000 $26.50 25 May 2, 2018. $125.0 3.75% 4.25% 12 December 1, 2023 June 15 December 15 MOI Joint Venture. February 8, 2018, January 18, 2018, 11 February 8, 2018, $15.0 $131.1 $116.1 $15.0 6.63% 2024, two $10.0 202 0. During the six June 30, 2018 , $10.0 72% Windcat. Du six June 30, 2018, €6.0 $7.5 $8.5 $1.0 Letters of Credit . June 30, 2018, $7.9 one $1.7 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. INCOME TAXES The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate on continuing operations for the six June 30, 2018: Statutory rate 21.0 % Noncontrolling interests (1.2 )% Foreign earnings not subject to U.S. income tax (3.0 )% Foreign taxes not creditable against U.S. income tax (2.4 )% Unrecognized tax benefit 5.4 % Other 0.3 % 20.1 % As of December 31, 2017, $3.9 December 22, 2017. $3.9 six 30, 2018, |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments and Hedging Strategies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES Derivative instruments are classified as either assets or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments as of June 30, 2018 Derivative Asset (1) Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ 436 $ 44 (2) 436 44 Derivatives not designated as hedging instruments: Conversion option liability on Convertible Senior Notes — 21,886 Interest rate swap agreements 1,104 — $ 1,540 $ 21,930 ______________________ ( 1 Included in other receivables in the accompanying condensed consolidated balance sheets. ( 2 Included in other current liabilities in the accompanying condensed consolidated balance sheets. Cash Flow Hedges. 50% 50% six June 30, 2018. June 30, 2018, 50% • Windcat Workboats had two 2021 0.03 €15.0 $17.5 • MexMar had five 2023 1.71% 2.10% $104.0 • Sea-Cat Crewzer II had an interest rate swap agreement maturing in 2019 1.52% $19.7 • Sea-Cat Crewzer had an interest rate swap agreement maturing in 2019 1.52% $17.4 Other Derivative Instruments. not six June 30 as follows (in thousands): 201 8 201 7 Conversion option liability on Convertible Senior Notes $ (15,054 ) $ 145 Forward currency exchange, option and future contracts — (56) Interest rate swap agreements 870 (391 ) $ (14,184 ) $ (302 ) The conversion option liability relates to the bifurcated embedded conversion option in the Convertible Senior Notes (see Note 4 10 7 10 31, 2017 The Company and certain of its 50% June 30, 2018, 50% • Falcon Global International had an interest rate swap agreement maturing in 2022 2.06% $53.1 • OSV Partners had two 2020 1.89% 2.27% $30.4 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three may Level 1 Level 2 Level 1 not Level 3 no The Company’s financial assets and liabilities as of June 30, 2018 Level 1 Level 2 Level 3 ASSETS Derivative instruments (included in other receivables) $ — $ 1,541 $ — Construction reserve funds 38,152 — — LIABILITIES Derivative instruments — 44 21,886 Level 3 Level 3 The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 88,190 $ 88,190 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 132 see below LIABILITIES Long-term debt, including current portion 371,770 — 357,742 — The carrying value of cash, cash equivalents and restricted cash approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. The long-term debt balance includes $121.6 not 50% not The Company’s other assets and liabilities that were measured at fair value during the six June 30, 2018 Level 1 Level 2 Level 3 ASSETS Property and equipment: Anchor handling towing supply $ — $ 2,000 $ — Liftboats — — 134,775 Property and equipment six June 30, 2018, $3.0 1 Level 2 The Level 3 Level 3 two third Level 3 two The significant unobservable inputs used in the fair value measurement for the liftboats provided by the appraisers were based on i) quotes from local shipyards, ii) economic life ranging from 25 40 45% 50%. |
Note 8 - Warrants
Note 8 - Warrants | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Warrants and Rights [Text Block] | 8. WARRANTS On April 26, 2018, vate placement of its Common Stock and Warrants to purchase its Common Stock (to facilitate compliance with Jones Act restrictions) for aggregate gross proceeds of $56,855,000 2,168,586 674,164 $0.01 25 April 26, 2018. As indicated in Note 4, May 2, 2018, $50.0 25 May 2, 2018. On May 31, 2018, 250,585 108 14 1,636,099 $0.01 On June 8, 2018, $0.01 38,857 635,307 $0.01 Weighted Average Exercise Price Number of Warrants Balance as of December 31, 2017 — — Warrants issued - January 1 - June 30, 2018 $ 0.01 2,560,956 Warrants exercised - January 1 - June 30, 2018 $ 0.01 (289,550 ) Balance as of June 30, 2018 $ 0.01 2,271,406 |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. STOCKHOLDERS' EQUITY On January 1, 2018, October 24, 2016, $12.1 On February 8, 2018, fifteen six $15.0 $131.1 $10.0 On March 26, 2018, 103,213 $1.8 4 2 As indicated in Note 8, April 26, 2018, ds of $56,855,000 4 2 As indicated in Notes 4 8, May 2, 2018, $50.0 4 2 |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests in Subsidiaries | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in the Company’s consolidated subsidiaries were as follows (in thousands): Noncontrolling Interests June 30, 201 8 December 31, 201 7 Falcon Global Holdings 28.0% $ 26,967 $ 12,087 Windcat Workboats 12.5% 2,201 2,608 Other 1.8% 287 280 $ 29,455 $ 14,975 Falcon Global Holdings. two 15 six The total capital contributed to FGH was approximately $112.5 $43.3 $18.8 28.0%. During the six June 30, 2018, $14.4 $4.0 Windcat Workboats. June 30, 2018, $17.6 six June 30, 2018, $3.3 $0.4 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES As of June 30, 2018, the Company’s unfunded capital commitments were $43.3 million for two fast support vessels, three supply vessels, three one $12.7 million is payable during the remainder of 2018, $21.6 million is payable during 2019 and $9.0 million is payable during 2020. The Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels for which the Company had previously reported unfunded capital commitments. The delivery dates and payment of certain costs (originally scheduled for payment in 2018, 2019 and 2020 ) for such vessels are uncertain as the Company, at its option, may defer their construction for an indefinite period of time. As of June 30, 2018 one £0.9 not As of June 30, 2018, $51.6 0.5% In the normal course of its business, the Company becomes involved in various other litigation matters including, among other things, claims by third not |
Note 12 - Multi-employer Pensio
Note 12 - Multi-employer Pension Plans | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. Merchant Navy Ratings Pension Fund (“MNRPF”). March 2017, $291.9 £221.0 July 20, 2018, second 2018 $1.19 £0.9 September 2018 four October 2018. |
Note 13 - Share Based Compensat
Note 13 - Share Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Transactions in connection with the Company's 2017 six June 30, 2018 Director stock awards granted 19,285 Restricted stock awards granted 120,600 Stock Options Activities: Outstanding as of December 31, 2017 613,700 Granted 145,991 Exercised 65,000 Outstanding as of June 30, 2018 694,691 Shares Available for future grants as of June 30, 2018 1,270,424 |
Note 14 - Stock Repurchases
Note 14 - Stock Repurchases | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 14. On May 14, 2018, 2,242 $51,454 2017 not May 24, 2018, 108 $2,562 $0.01 8 |
Note 15 - Segment Information
Note 15 - Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15 . SEGMENT INFORMATION The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the Company’s Annual Report on Form 10 December 31, 2017. United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Three Months Ended June 30, 2018 Time Charter Statistics: Average Rates Per Day $ 10,503 $ 9,509 $ 8,226 $ 19,127 $ 4,823 $ 7,324 Fleet Utilization 23 % 88 % 82 % 57 % 76 % 62 % Fleet Available Days 3,710 1,331 2,005 416 5,066 12,528 Operating Revenues: Time charter $ 9,052 $ 11,122 $ 13,591 $ 4,556 $ 18,505 $ 56,826 Bareboat charter — — — 1,156 — 1,156 Other marine services 1,676 350 (792 ) 845 640 2,719 10,728 11,472 12,799 6,557 19,145 60,701 Direct Costs and Expenses: Operating: Personnel 4,636 4,314 4,069 1,219 10,495 24,733 Repairs and maintenance 1,529 1,663 3,576 32 2,270 9,070 Drydocking 910 910 72 11 1,209 3,112 Insurance and loss reserves 902 248 361 169 254 1,934 Fuel, lubes and supplies 900 900 922 349 1,051 4,122 Other 29 1,402 836 488 254 3,009 8,906 9,437 9,836 2,268 15,533 45,980 Direct Vessel Profit $ 1,822 $ 2,035 $ 2,963 $ 4,289 $ 3,612 14,721 Other Costs and Expenses: Operating: Leased-in equipment $ 1,856 $ 962 $ — $ — $ 22 2,840 Administrative and general 15,532 Depreciation and amortization $ 5,915 $ 2,924 $ 4,311 $ 2,280 $ 2,976 18,406 36,778 Gains on Asset Dispositions and Impairments 1,055 Operating Loss $ (21,002 ) United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Six Months Ended June 30, 2018 Time Charter Statistics: Average Rates Per Day $ 9,740 $ 9,482 $ 8,155 $ 18,069 $ 4,984 $ 7,174 Fleet Utilization 20 % 89 % 74 % 52 % 72 % 58 % Fleet Available Days 7,760 2,591 4,137 635 10,006 25,129 Operating Revenues: Time charter $ 15,034 $ 21,916 $ 24,965 $ 5,930 $ 36,123 $ 103,968 Bareboat charter — — — 2,299 — 2,299 Other marine services 3,331 1,637 (922 ) 955 1,154 6,155 18,365 23,553 24,043 9,184 37,277 112,422 Direct Costs and Expenses: Operating: Personnel 8,628 8,387 8,091 1,595 19,708 46,409 Repairs and maintenance 2,223 3,019 6,004 337 4,560 16,143 Drydocking 1,435 912 61 11 2,950 5,369 Insurance and loss reserves 1,336 466 597 236 489 3,124 Fuel, lubes and supplies 1,393 1,569 1,956 414 2,335 7,667 Other 54 2,438 2,044 548 532 5,616 15,069 16,791 18,753 3,141 30,574 84,328 Direct Vessel Profit $ 3,296 $ 6,762 $ 5,290 $ 6,043 $ 6,703 28,094 Other Costs and Expenses: Operating: Leased-in equipment $ 3,718 $ 1,925 $ — $ — $ 22 5,665 Administrative and general 28,339 Depreciation and amortization $ 12,450 $ 5,731 $ 10,401 $ 3,499 $ 5,837 37,918 71,922 Losses on Asset Dispositions and Impairment (1,588 ) Operating Loss $ (45,416 ) As of June 30, 2018 Property and Equipment: Historical cost $ 439,026 $ 184,037 $ 317,536 $ 165,145 $ 182,111 $ 1,287,855 Accumulated depreciation (225,116 ) (57,909 ) (86,239 ) (58,078 ) (137,135 ) (564,477 ) $ 213,910 $ 126,128 $ 231,297 $ 107,067 $ 44,976 $ 723,378 United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Three Months Ended June 30, 2017 Time Charter Statistics: Average Rates Per Day $ 9,619 $ 10,348 $ 6,580 $ — $ 4,176 $ 5,649 Fleet Utilization 13 % 67 % 55 % — % 90 % 56 % Fleet Available Days 4,063 1,123 2,067 105 5,005 12,363 Operating Revenues: Time charter $ 4,889 $ 7,786 $ 7,415 $ — $ 18,713 $ 38,803 Bareboat charter — — — 1,156 — 1,156 Other marine services 1,198 215 109 162 680 2,364 6,087 8,001 7,524 1,318 19,393 42,323 Direct Costs and Expenses: Operating: Personnel 4,183 3,428 4,147 148 8,671 20,577 Repairs and maintenance 937 3,234 3,947 116 2,191 10,425 Drydocking 310 683 358 — 900 2,251 Insurance and loss reserves 1,205 357 353 4 207 2,126 Fuel, lubes and supplies 545 704 908 27 1,006 3,190 Other 51 871 1,061 3 237 2,223 7,231 9,277 10,774 298 13,212 40,792 Direct Vessel (Loss) Profit $ (1,144 ) $ (1,276 ) $ (3,250 ) $ 1,020 $ 6,181 1,531 Other Costs and Expenses: Operating: Leased-in equipment $ 2,205 $ 969 $ 516 $ — $ — 3,690 Administrative and general 21,705 Depreciation and amortization $ 5,749 $ 2,059 $ 3,979 $ 784 $ 2,062 14,633 40,028 Losses on Asset Dispositions and Impairments (6,318 ) Operating Loss $ (44,815 ) United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Six Months Ended June 30, 2017 Time Charter Statistics: Average Rates Per Day $ 9,808 $ 9,913 $ 6,765 $ — $ 4,294 $ 5,683 Fleet Utilization 10 % 64 % 52 % — % 81 % 51 % Fleet Available Days 8,061 2,142 3,777 195 9,955 24,130 Operating Revenues: Time charter $ 7,884 $ 13,633 $ 13,238 $ — $ 34,778 $ 69,533 Bareboat charter — — — 2,299 — 2,299 Other marine services 2,024 407 986 237 1,141 4,795 9,908 14,040 14,224 2,536 35,919 76,627 Direct Costs and Expenses: Operating: Personnel 7,313 6,036 7,270 161 16,588 37,368 Repairs and maintenance 1,674 3,778 4,523 120 3,925 14,020 Drydocking 883 1,740 516 — 2,179 5,318 Insurance and loss reserves 2,010 539 699 11 426 3,685 Fuel, lubes and supplies 855 1,263 1,432 27 1,955 5,532 Other 123 1,517 2,526 4 487 4,657 12,858 14,873 16,966 323 25,560 70,580 Direct Vessel (Loss) Profit $ (2,950 ) $ (833 ) $ (2,742 ) $ 2,213 $ 10,359 6,047 Other Costs and Expenses: Operating: Leased-in equipment $ 4,416 $ 1,939 $ 862 $ — $ 64 7,281 Administrative and general 33,531 Depreciation and amortization $ 11,349 $ 3,649 $ 6,506 $ 1,449 $ 4,183 27,136 67,948 Losses on Asset Dispositions and Impairment (1,499 ) Operating Loss $ (63,400 ) As of June 30, 2017 Property and Equipment: Historical cost $ 417,675 $ 183,661 $ 302,892 $ 78,976 $ 171,951 $ 1,155,155 Accumulated depreciation (233,758 ) (59,300 ) (83,880 ) (41,565 ) (125,319 ) (543,822 ) $ 183,917 $ 124,361 $ 219,012 $ 37,411 $ 46,632 $ 611,333 The Company’s investments in 50% June 30, 2018, 50% 50% $63.7 $51.7 50% six June 30 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 MexMar $ 1,076 $ 1,222 $ 2,508 $ 2,589 Other (1,797 ) 349 (3,021 ) (580 ) $ (721 ) $ 1,571 $ (513 ) $ 2,009 |
Note 16 - Subsequent Event
Note 16 - Subsequent Event | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENT On July 5, 2018, 100% two $11.0 one 2013 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company's Annual Report on Form 10 December 31, 2017. Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10 10 not 10 31, 2017. SEACOR Marine was previously a subsidiary of SEACOR Holdings Inc. (along with its consolidated subsidiaries, other than SEACOR Marine and its subsidiaries, collectively referred to as “SEACOR Holdings”). On June 1, 2017, $0.01 May 22, 2017 ( two |
Recently Adopted Accounting Standards [Policy Text Block] | Recently Adopted Accounting Standards. May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 January 1, 2018 not not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 , January 1, 2018. not 2016 18, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition. Lease Revenues . (see Note 15 ). Revenues from Customers. one three red (see Note 15 ). Revenue that does not ties. Contract liabilities, i six June 30 201 8 201 7 Balance at beginning of period $ 10,104 $ 6,953 Revenues deferred during the period 1,673 2,337 Revenues recognized during the period (1,550) — Balance at end of period $ 10,227 $ 9,290 As of June 30, 2018, $6.8 August 1 7, 2012, t 11 May 19, 2012 As of June 30, 2018, $3.2 not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment. not may As of June 30, 2018, Offshore Support Vessels: Wind farm utility vessels 10 All other offshore support vessels (excluding wind farm utility) 20 Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. During the six June 30, 2018, $1.0 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets. may not six June 30, 2018, $3.0 four |
Equity and Cost Method Investments, Policy [Policy Text Block] | Impairment of 50% 50% may six June 30, 2018, $1.2 one 50% |
Income Tax, Policy [Policy Text Block] | Income Taxes. During the six June 30, 2018, the Company's effective income tax rate of 20.1% was primarily due to taxes provided on income attributable to noncontrolling interests, foreign sourced income not subject to U.S. income taxes, foreign taxes not six June 30, 2017, the Company’s effective income tax rate of 27.2% was primarily due to losses of foreign subsidiaries not benefited. |
Deferred Gains [Policy Text Block] | Deferred Gains. 50% third 50% six June 30 2018 2017 Balance at beginning of period $ 25,006 $ 33,910 Amortization of deferred gains included in operating expenses as a reduction to rental expense (4,019 ) (4,099) Other adjustments (250 ) (364 ) Balance at end of period $ 20,737 $ 29,447 |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss). SEACOR Marine Holdings Inc. Stockholders’ Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Total Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Other Comprehensive Income (Loss) December 31, 2017 $ (13,195 ) $ 702 $ (12,493 ) $ (1,357 ) $ 1 Other comprehensive income (loss) (847 ) 246 (601 ) (26 ) (7 ) $ (634 ) Income tax expense — (35 ) (35 ) — — (35 ) Six months Ended June 30, 2018 $ (14,042 ) $ 913 $ (13,129 ) $ (1,383 ) $ (6 ) $ (669 ) |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share. $0.01 For the six June 30, 2018 and 2017, diluted earnings per common share of the Company excluded 2,183,708 4,070,500 common shares, respectively, issuable pursuant to the Company’s Convertible Senior Notes (see Note 4 six June 30, 2018, 196,338 694,691 outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements. February 25, 2016, January 1, 2019 not In February 2018, December 2017. December 15, 2018. not In June 2018, December 15, 2018. not |
Note 1 - Basis of Presentatio25
Note 1 - Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 201 8 201 7 Balance at beginning of period $ 10,104 $ 6,953 Revenues deferred during the period 1,673 2,337 Revenues recognized during the period (1,550) — Balance at end of period $ 10,227 $ 9,290 |
Property, Plant and Equipment [Table Text Block] | Offshore Support Vessels: Wind farm utility vessels 10 All other offshore support vessels (excluding wind farm utility) 20 |
Schedule of Deferred Gain [Table Text Block] | 2018 2017 Balance at beginning of period $ 25,006 $ 33,910 Amortization of deferred gains included in operating expenses as a reduction to rental expense (4,019 ) (4,099) Other adjustments (250 ) (364 ) Balance at end of period $ 20,737 $ 29,447 |
Comprehensive Income (Loss) [Table Text Block] | SEACOR Marine Holdings Inc. Stockholders’ Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Total Foreign Currency Translation Adjustments Derivative Income (Losses) on Cash Flow Hedges, net Other Comprehensive Income (Loss) December 31, 2017 $ (13,195 ) $ 702 $ (12,493 ) $ (1,357 ) $ 1 Other comprehensive income (loss) (847 ) 246 (601 ) (26 ) (7 ) $ (634 ) Income tax expense — (35 ) (35 ) — — (35 ) Six months Ended June 30, 2018 $ (14,042 ) $ 913 $ (13,129 ) $ (1,383 ) $ (6 ) $ (669 ) |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Statutory rate 21.0 % Noncontrolling interests (1.2 )% Foreign earnings not subject to U.S. income tax (3.0 )% Foreign taxes not creditable against U.S. income tax (2.4 )% Unrecognized tax benefit 5.4 % Other 0.3 % 20.1 % |
Note 6 - Derivative Instrumen27
Note 6 - Derivative Instruments and Hedging Strategies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivative Asset (1) Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ 436 $ 44 (2) 436 44 Derivatives not designated as hedging instruments: Conversion option liability on Convertible Senior Notes — 21,886 Interest rate swap agreements 1,104 — $ 1,540 $ 21,930 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | 201 8 201 7 Conversion option liability on Convertible Senior Notes $ (15,054 ) $ 145 Forward currency exchange, option and future contracts — (56) Interest rate swap agreements 870 (391 ) $ (14,184 ) $ (302 ) |
Note 7 - Fair Value Measureme28
Note 7 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 ASSETS Derivative instruments (included in other receivables) $ — $ 1,541 $ — Construction reserve funds 38,152 — — LIABILITIES Derivative instruments — 44 21,886 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 88,190 $ 88,190 $ — $ — Investments, at cost, in 50% or less owned companies (included in other assets) 132 see below LIABILITIES Long-term debt, including current portion 371,770 — 357,742 — |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Level 1 Level 2 Level 3 ASSETS Property and equipment: Anchor handling towing supply $ — $ 2,000 $ — Liftboats — — 134,775 |
Note 8 - Warrants (Tables)
Note 8 - Warrants (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Exercise Price Number of Warrants Balance as of December 31, 2017 — — Warrants issued - January 1 - June 30, 2018 $ 0.01 2,560,956 Warrants exercised - January 1 - June 30, 2018 $ 0.01 (289,550 ) Balance as of June 30, 2018 $ 0.01 2,271,406 |
Note 10 - Noncontrolling Inte30
Note 10 - Noncontrolling Interests in Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Noncontrolling Interest [Table Text Block] | Noncontrolling Interests June 30, 201 8 December 31, 201 7 Falcon Global Holdings 28.0% $ 26,967 $ 12,087 Windcat Workboats 12.5% 2,201 2,608 Other 1.8% 287 280 $ 29,455 $ 14,975 |
Note 13 - Share Based Compens31
Note 13 - Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Director stock awards granted 19,285 Restricted stock awards granted 120,600 Stock Options Activities: Outstanding as of December 31, 2017 613,700 Granted 145,991 Exercised 65,000 Outstanding as of June 30, 2018 694,691 Shares Available for future grants as of June 30, 2018 1,270,424 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Three Months Ended June 30, 2018 Time Charter Statistics: Average Rates Per Day $ 10,503 $ 9,509 $ 8,226 $ 19,127 $ 4,823 $ 7,324 Fleet Utilization 23 % 88 % 82 % 57 % 76 % 62 % Fleet Available Days 3,710 1,331 2,005 416 5,066 12,528 Operating Revenues: Time charter $ 9,052 $ 11,122 $ 13,591 $ 4,556 $ 18,505 $ 56,826 Bareboat charter — — — 1,156 — 1,156 Other marine services 1,676 350 (792 ) 845 640 2,719 10,728 11,472 12,799 6,557 19,145 60,701 Direct Costs and Expenses: Operating: Personnel 4,636 4,314 4,069 1,219 10,495 24,733 Repairs and maintenance 1,529 1,663 3,576 32 2,270 9,070 Drydocking 910 910 72 11 1,209 3,112 Insurance and loss reserves 902 248 361 169 254 1,934 Fuel, lubes and supplies 900 900 922 349 1,051 4,122 Other 29 1,402 836 488 254 3,009 8,906 9,437 9,836 2,268 15,533 45,980 Direct Vessel Profit $ 1,822 $ 2,035 $ 2,963 $ 4,289 $ 3,612 14,721 Other Costs and Expenses: Operating: Leased-in equipment $ 1,856 $ 962 $ — $ — $ 22 2,840 Administrative and general 15,532 Depreciation and amortization $ 5,915 $ 2,924 $ 4,311 $ 2,280 $ 2,976 18,406 36,778 Gains on Asset Dispositions and Impairments 1,055 Operating Loss $ (21,002 ) United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Six Months Ended June 30, 2018 Time Charter Statistics: Average Rates Per Day $ 9,740 $ 9,482 $ 8,155 $ 18,069 $ 4,984 $ 7,174 Fleet Utilization 20 % 89 % 74 % 52 % 72 % 58 % Fleet Available Days 7,760 2,591 4,137 635 10,006 25,129 Operating Revenues: Time charter $ 15,034 $ 21,916 $ 24,965 $ 5,930 $ 36,123 $ 103,968 Bareboat charter — — — 2,299 — 2,299 Other marine services 3,331 1,637 (922 ) 955 1,154 6,155 18,365 23,553 24,043 9,184 37,277 112,422 Direct Costs and Expenses: Operating: Personnel 8,628 8,387 8,091 1,595 19,708 46,409 Repairs and maintenance 2,223 3,019 6,004 337 4,560 16,143 Drydocking 1,435 912 61 11 2,950 5,369 Insurance and loss reserves 1,336 466 597 236 489 3,124 Fuel, lubes and supplies 1,393 1,569 1,956 414 2,335 7,667 Other 54 2,438 2,044 548 532 5,616 15,069 16,791 18,753 3,141 30,574 84,328 Direct Vessel Profit $ 3,296 $ 6,762 $ 5,290 $ 6,043 $ 6,703 28,094 Other Costs and Expenses: Operating: Leased-in equipment $ 3,718 $ 1,925 $ — $ — $ 22 5,665 Administrative and general 28,339 Depreciation and amortization $ 12,450 $ 5,731 $ 10,401 $ 3,499 $ 5,837 37,918 71,922 Losses on Asset Dispositions and Impairment (1,588 ) Operating Loss $ (45,416 ) As of June 30, 2018 Property and Equipment: Historical cost $ 439,026 $ 184,037 $ 317,536 $ 165,145 $ 182,111 $ 1,287,855 Accumulated depreciation (225,116 ) (57,909 ) (86,239 ) (58,078 ) (137,135 ) (564,477 ) $ 213,910 $ 126,128 $ 231,297 $ 107,067 $ 44,976 $ 723,378 United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Three Months Ended June 30, 2017 Time Charter Statistics: Average Rates Per Day $ 9,619 $ 10,348 $ 6,580 $ — $ 4,176 $ 5,649 Fleet Utilization 13 % 67 % 55 % — % 90 % 56 % Fleet Available Days 4,063 1,123 2,067 105 5,005 12,363 Operating Revenues: Time charter $ 4,889 $ 7,786 $ 7,415 $ — $ 18,713 $ 38,803 Bareboat charter — — — 1,156 — 1,156 Other marine services 1,198 215 109 162 680 2,364 6,087 8,001 7,524 1,318 19,393 42,323 Direct Costs and Expenses: Operating: Personnel 4,183 3,428 4,147 148 8,671 20,577 Repairs and maintenance 937 3,234 3,947 116 2,191 10,425 Drydocking 310 683 358 — 900 2,251 Insurance and loss reserves 1,205 357 353 4 207 2,126 Fuel, lubes and supplies 545 704 908 27 1,006 3,190 Other 51 871 1,061 3 237 2,223 7,231 9,277 10,774 298 13,212 40,792 Direct Vessel (Loss) Profit $ (1,144 ) $ (1,276 ) $ (3,250 ) $ 1,020 $ 6,181 1,531 Other Costs and Expenses: Operating: Leased-in equipment $ 2,205 $ 969 $ 516 $ — $ — 3,690 Administrative and general 21,705 Depreciation and amortization $ 5,749 $ 2,059 $ 3,979 $ 784 $ 2,062 14,633 40,028 Losses on Asset Dispositions and Impairments (6,318 ) Operating Loss $ (44,815 ) United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Brazil, Mexico, Central and South America Europe (primarily North Sea) Total For the Six Months Ended June 30, 2017 Time Charter Statistics: Average Rates Per Day $ 9,808 $ 9,913 $ 6,765 $ — $ 4,294 $ 5,683 Fleet Utilization 10 % 64 % 52 % — % 81 % 51 % Fleet Available Days 8,061 2,142 3,777 195 9,955 24,130 Operating Revenues: Time charter $ 7,884 $ 13,633 $ 13,238 $ — $ 34,778 $ 69,533 Bareboat charter — — — 2,299 — 2,299 Other marine services 2,024 407 986 237 1,141 4,795 9,908 14,040 14,224 2,536 35,919 76,627 Direct Costs and Expenses: Operating: Personnel 7,313 6,036 7,270 161 16,588 37,368 Repairs and maintenance 1,674 3,778 4,523 120 3,925 14,020 Drydocking 883 1,740 516 — 2,179 5,318 Insurance and loss reserves 2,010 539 699 11 426 3,685 Fuel, lubes and supplies 855 1,263 1,432 27 1,955 5,532 Other 123 1,517 2,526 4 487 4,657 12,858 14,873 16,966 323 25,560 70,580 Direct Vessel (Loss) Profit $ (2,950 ) $ (833 ) $ (2,742 ) $ 2,213 $ 10,359 6,047 Other Costs and Expenses: Operating: Leased-in equipment $ 4,416 $ 1,939 $ 862 $ — $ 64 7,281 Administrative and general 33,531 Depreciation and amortization $ 11,349 $ 3,649 $ 6,506 $ 1,449 $ 4,183 27,136 67,948 Losses on Asset Dispositions and Impairment (1,499 ) Operating Loss $ (63,400 ) As of June 30, 2017 Property and Equipment: Historical cost $ 417,675 $ 183,661 $ 302,892 $ 78,976 $ 171,951 $ 1,155,155 Accumulated depreciation (233,758 ) (59,300 ) (83,880 ) (41,565 ) (125,319 ) (543,822 ) $ 183,917 $ 124,361 $ 219,012 $ 37,411 $ 46,632 $ 611,333 |
Equity Method Investments [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 MexMar $ 1,076 $ 1,222 $ 2,508 $ 2,589 Other (1,797 ) 349 (3,021 ) (580 ) $ (721 ) $ 1,571 $ (513 ) $ 2,009 |
Note 1 - Basis of Presentatio33
Note 1 - Basis of Presentation and Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jun. 01, 2017 | Dec. 31, 2016 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Deferred Revenue | $ 10,227 | $ 9,290 | $ 10,104 | $ 6,953 | |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction, Total | 1,000 | ||||
Impairment of Long-Lived Assets Held-for-use | 3,000 | ||||
Equity Method Investment, Other than Temporary Impairment | $ 1,200 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 20.10% | 27.20% | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||
Incremental Common Shares Attributable to Conversion of Debt Securities, Total | 2,183,708 | 4,070,500 | |||
Restricted Stock [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 196,338 | ||||
Employee Stock Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 694,691 | ||||
Geographic Distribution, Domestic [Member] | |||||
Deferred Revenue | $ 6,800 | ||||
Geographic Distribution, Foreign [Member] | |||||
Deferred Revenue | $ 3,200 |
Note 1 - Basis of Presentatio34
Note 1 - Basis of Presentation and Accounting Policies - Deferred Revenues (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of period | $ 10,104 | $ 6,953 |
Revenues deferred during the period | 1,673 | 2,337 |
Revenues recognized during the period | (1,550) | |
Balance at end of period | $ 10,227 | $ 9,290 |
Note 1 - Basis of Presentatio35
Note 1 - Basis of Presentation and Accounting Policies - Property and Equipment Useful Life (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Wind Farm Utility Vessel [Member] | |
Estimated useful life (Year) | 10 years |
Offshore Support Vessels [Member] | |
Estimated useful life (Year) | 20 years |
Note 1 - Basis of Presentatio36
Note 1 - Basis of Presentation and Accounting Policies - Deferred Gain Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of period | $ 25,006 | $ 33,910 |
Amortization of deferred gains included in operating expenses as a reduction to rental expense | (4,019) | (4,099) |
Other adjustments | (250) | (364) |
Balance at end of period | $ 20,737 | $ 29,447 |
Note 1 - Basis of Presentatio37
Note 1 - Basis of Presentation and Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Balance | $ 523,166 | |||
$ (2,807) | $ 1,620 | (634) | $ 2,730 | |
Income tax expense | (8) | (533) | (35) | (887) |
Balance | 580,815 | 580,815 | ||
Other comprehensive loss | (2,815) | $ 1,087 | (669) | $ 1,843 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (13,195) | |||
(847) | ||||
Income tax expense | ||||
Balance | (14,042) | (14,042) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 702 | |||
246 | ||||
Income tax expense | (35) | |||
Balance | 913 | 913 | ||
AOCI Attributable to Parent [Member] | ||||
Balance | (12,493) | |||
(601) | ||||
Income tax expense | (35) | |||
Balance | (13,129) | (13,129) | ||
Other comprehensive loss | (636) | |||
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | ||||
Balance | (1,357) | |||
(26) | ||||
Income tax expense | ||||
Balance | (1,383) | (1,383) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | ||||
Balance | 1 | |||
(7) | ||||
Income tax expense | ||||
Balance | $ (6) | $ (6) |
Note 2 - Equipment Acquisitio38
Note 2 - Equipment Acquisitions and Dispositions (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Payments to Acquire Property, Plant, and Equipment, Including Fair Value Hedges | $ 18.8 |
Proceeds from Sale of Property, Plant, and Equipment, Including Deposits | 2.6 |
Proceeds from Sale of Property, Plant, and Equipment, Excluding Deposits for Future Vessel Sales | 2.5 |
Proceeds from Deposits | 0.1 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1.4 |
Wind Farm Utility Vessel [Member] | |
Number of Equipment Acquired | 1 |
Liftboats [Member] | |
Number of Equipment Acquired | 6 |
Supply Vessels [Member] | |
Number of Equipment Acquired | 2 |
Number of Equipment Sold | 1 |
Fast Support Vessels [Member] | |
Number of Equipment Sold | 1 |
Supply Vessel Previously Retired [Member] | |
Number of Equipment Sold | 2 |
Standby Safety Vessels [Member] | |
Number of Equipment Sold | 1 |
Note 3 - Investments, at Equi39
Note 3 - Investments, at Equity, and Advances to 50% or Less Owned Companies (Details Textual) $ in Thousands | Jan. 17, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Payments to Acquire Property, Plant, and Equipment, Total | $ 15,548 | $ 28,803 | |
Unrecorded Unconditional Purchase Obligation, Total | 43,300 | ||
Equity Method Investment, Other than Temporary Impairment | 1,200 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 51,600 | ||
Grant DIS [Member] | |||
Capital Call | 400 | ||
SeaCosco Offshore LLC [Member] | |||
Number of Equipment Operated | 8 | ||
Payments to Acquire Property, Plant, and Equipment, Total | $ 161,100 | ||
Unrecorded Unconditional Purchase Obligation, Total | $ 27,500 | 27,500 | |
Equity Method Investment, Ownership Percentage | 50.00% | ||
Partners' Capital Account, Contributions | 25,600 | ||
SEACOR Holdings [Member] | |||
Equity Method Investment, Other than Temporary Impairment | 1,200 | ||
Equity Method Investments | $ 0 | ||
Other Offshore Marine Services Joint Ventures [Member] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 500 | ||
Allocable Share of Uncalled Capital | $ 1,200 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) $ / shares in Units, $ in Thousands, € in Millions | May 02, 2018USD ($)$ / sharesshares | Feb. 08, 2018USD ($) | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2018EUR (€) | Jun. 30, 2017USD ($) | May 31, 2018$ / shares | May 24, 2018$ / shares | Dec. 31, 2017$ / shares | Dec. 01, 2015USD ($) |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | ||||||||
Repayments of Long-term Debt, Total | $ 35,202 | $ 3,973 | |||||||
Debt Instrument, Increase (Decrease), Net, Total | 1,000 | ||||||||
Other Labor and Performance Guarantee | 1,700 | ||||||||
Long-term Debt Obligation [Member] | |||||||||
Letters of Credit Outstanding, Amount | $ 7,900 | ||||||||
Falcon Global Holdings [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 72.00% | ||||||||
Falcon Global USA LLC [Member] | |||||||||
Payments for Debtor-in-possession Obligations | $ 15,000 | ||||||||
Convertible Senior Notes Converted to Warrants [Member] | Carlyle Group [Member] | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 37.73 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | ||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 1,886,792 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 26.50 | ||||||||
Conversion Revolving Credit Facility from Windcat Workboats [Member] | |||||||||
Debt Conversion, Original Debt, Amount | € | € 6 | ||||||||
Carlyle Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Warrants and Rights Outstanding, Term | 25 years | ||||||||
Convertible Senior Notes 3.75% [Member] | |||||||||
Convertible Debt, Total | $ 125,000 | $ 175,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 3.75% | |||||||
Debt Instrument, Convertible, Conversion Ratio | 23.26 | 23.26 | |||||||
FGUSA Credit Facility [Member] | |||||||||
Debt Agreement, Maximum Borrowing Capacity | 131,100 | ||||||||
Debt Instrument, Unamortized Discount, Total | 10,000 | ||||||||
FGUSA Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.63% | ||||||||
Proceeds from Lines of Credit, Total | $ 10,000 | ||||||||
FGUSA Credit Facility [Member] | Term Loan [Member] | |||||||||
Long-term Debt, Total | $ 116,100 | ||||||||
Euro Debt [Member] | |||||||||
Repayments of Long-term Debt, Total | 7,500 | ||||||||
Pound Sterling Debt [Member] | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,500 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Operating Loss Carryforwards, Total | $ 3.9 |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income Tax Rate Reconciliation (Details) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statutory rate | 21.00% | |
Noncontrolling interests | (1.20%) | |
Foreign earnings not subject to U.S. income tax | (3.00%) | |
Foreign taxes not creditable against U.S. income tax | (2.40%) | |
Unrecognized tax benefit | 5.40% | |
Other | 0.30% | |
20.10% | 27.20% |
Note 6 - Derivative Instrumen43
Note 6 - Derivative Instruments and Hedging Strategies (Details Textual) - Interest Rate Swap [Member] € in Millions, $ in Millions | Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) |
Falcon Global [Member] | ||
Derivative, Fixed Interest Rate | 2.06% | 2.06% |
Derivative, Notional Amount | $ 53.1 | |
OSV Partners [Member] | ||
Derivative, Number of Instruments Held, Total | 2 | 2 |
OSV Partners [Member] | Minimum [Member] | ||
Derivative, Fixed Interest Rate | 1.89% | 1.89% |
OSV Partners [Member] | Maximum [Member] | ||
Derivative, Fixed Interest Rate | 2.27% | 2.27% |
Derivative, Notional Amount | $ 30.4 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative, Number of Instruments Held, Total | 2 | 2 |
Derivative, Fixed Interest Rate | 0.03% | 0.03% |
Derivative, Notional Amount | $ 17.5 | € 15 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | MexMar [Member] | ||
Derivative, Number of Instruments Held, Total | 5 | 5 |
Derivative, Notional Amount | $ 104 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | MexMar [Member] | Minimum [Member] | ||
Derivative, Fixed Interest Rate | 1.71% | 1.71% |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | MexMar [Member] | Maximum [Member] | ||
Derivative, Fixed Interest Rate | 2.10% | 2.10% |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Sea-Cat Crewzer II [Member] | ||
Derivative, Fixed Interest Rate | 1.52% | 1.52% |
Derivative, Notional Amount | $ 19.7 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Sea-Cat Crewzer [Member] | ||
Derivative, Fixed Interest Rate | 1.52% | 1.52% |
Derivative, Notional Amount | $ 17.4 |
Note 6 - Derivative Instrumen44
Note 6 - Derivative Instruments and Hedging Strategies - Derivative Instruments (Details) $ in Thousands | Jun. 30, 2018USD ($) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative assets | $ 436 | [1] |
Derivative liabilities | 44 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative assets | 1,540 | [1] |
Derivative liabilities | 21,930 | |
Conversion option liability on Convertible Senior Notes | 21,886 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative assets | 436 | [1] |
Derivative liabilities | 44 | [2] |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | 1,104 | [1] |
Derivative liabilities | [2] | |
[1] | Included in other receivables in the accompanying condensed consolidated balance sheets. | |
[2] | Included in other current liabilities in the accompanying condensed consolidated balance sheets. |
Note 6 - Derivative Instrumen45
Note 6 - Derivative Instruments and Hedging Strategies - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Gains (losses) on derivative instruments | $ (14,184) | $ (302) |
Embedded Derivative Financial Instruments [Member] | ||
Gains (losses) on derivative instruments | (15,054) | 145 |
Foreign Exchange Option [Member] | ||
Gains (losses) on derivative instruments | (56) | |
Interest Rate Swap [Member] | ||
Gains (losses) on derivative instruments | $ 870 | $ (391) |
Note 7 - Fair Value Measureme46
Note 7 - Fair Value Measurements (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Impairment of Long-Lived Assets Held-for-use | $ 3 |
Minimum [Member] | Economic Obsolesence Factor [Member] | |
Property and Equipment, Measurement Input | 0.45 |
Maximum [Member] | Economic Obsolesence Factor [Member] | |
Property and Equipment, Measurement Input | 0.5 |
Liftboats [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 25 years |
Liftboats [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Debt Assumed from FGUSA [Member] | |
Long-term Debt, Total | $ 121.6 |
Note 7 - Fair Value Measureme47
Note 7 - Fair Value Measurements - Assets and Liabilities on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Derivative assets | |
Construction reserve funds | 38,152 |
Derivative liabilities | |
Fair Value, Inputs, Level 2 [Member] | |
Derivative assets | 1,541 |
Construction reserve funds | |
Derivative liabilities | 44 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative assets | |
Construction reserve funds | |
Derivative liabilities | $ 21,886 |
Note 7 - Fair Value Measureme48
Note 7 - Fair Value Measurements - Estimated Fair Value (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Reported Value Measurement [Member] | |
Cash, cash equivalents and restricted cash | $ 88,190 |
Investments, at cost, in 50% or less owned companies (included in other assets) | 132 |
Long-term debt, including current portion | 371,770 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |
Cash, cash equivalents and restricted cash | 88,190 |
Long-term debt, including current portion | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Cash, cash equivalents and restricted cash | |
Investments, at cost, in 50% or less owned companies (included in other assets) | |
Long-term debt, including current portion | 357,742 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |
Cash, cash equivalents and restricted cash | |
Investments, at cost, in 50% or less owned companies (included in other assets) | |
Long-term debt, including current portion |
Note 7 - Fair Value Measureme49
Note 7 - Fair Value Measurements - Other Assets and Liabilities at Fair Value (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Fair Value, Inputs, Level 1 [Member] | Anchor Handling Towing Supply [Member] | |
Property and equipment | |
Fair Value, Inputs, Level 1 [Member] | Liftboats [Member] | |
Property and equipment | |
Fair Value, Inputs, Level 2 [Member] | Anchor Handling Towing Supply [Member] | |
Property and equipment | 2,000 |
Fair Value, Inputs, Level 2 [Member] | Liftboats [Member] | |
Property and equipment | |
Fair Value, Inputs, Level 3 [Member] | Anchor Handling Towing Supply [Member] | |
Property and equipment | |
Fair Value, Inputs, Level 3 [Member] | Liftboats [Member] | |
Property and equipment | $ 134,775 |
Note 8 - Warrants (Details Text
Note 8 - Warrants (Details Textual) - USD ($) | Jun. 08, 2018 | May 31, 2018 | May 02, 2018 | Apr. 26, 2018 | Jun. 30, 2018 | May 24, 2018 | Dec. 31, 2017 |
Stock Issued During Period, Value, New Issues | $ 42,996,000 | ||||||
Class of Warrant or Right, Outstanding | 2,271,406 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||
Class of Warrant or Right, Exercised During Period | 289,550 | ||||||
Class of Warrant or Right, Exercised During Period, Exercise Price | $ 0.01 | ||||||
Carlyle Group [Member] | Convertible Senior Notes Converted to Warrants [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||
Debt Conversion, Original Debt, Amount | $ 50,000,000 | ||||||
Warrants Issued in Private Placement [Member] | |||||||
Class of Warrant or Right, Outstanding | 2,168,586 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 674,164 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||
Warrants and Rights Outstanding, Term | 25 years | ||||||
Carlyle Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,636,099 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Warrants and Rights Outstanding, Term | 25 years | ||||||
Class of Warrant or Right, Exercised During Period | 250,585 | ||||||
Shares Paid for Tax Withholding for Exercise of Warrants | 108 | ||||||
PIPE Warrants [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 635,307 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||
Class of Warrant or Right, Exercised During Period | 38,857 | ||||||
Class of Warrant or Right, Exercised During Period, Exercise Price | $ 0.01 | ||||||
Private Placement [Member] | |||||||
Stock Issued During Period, Value, New Issues | $ 56,855,000 |
Note 8 - Warrants - Warrant Act
Note 8 - Warrants - Warrant Activity (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Balance (in dollars per share) | $ / shares | |
Balance, weighted average exercise price (in shares) | shares | |
Warrants issued (in dollars per share) | $ / shares | $ 0.01 |
Warrants issued, weighted average exercise price (in shares) | shares | 2,560,956 |
Warrants exercised (in dollars per share) | $ / shares | $ 0.01 |
Warrants exercised, weighted average exercise price (in shares) | shares | (289,550) |
Balance (in dollars per share) | $ / shares | $ 0.01 |
Balance, weighted average exercise price (in shares) | shares | 2,271,406 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Details Textual) - USD ($) | May 02, 2018 | Apr. 26, 2018 | Mar. 26, 2018 | Feb. 08, 2018 | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12,069,000) | ||||||
Stock Issued During Period, Shares, New Issues | 103,213 | ||||||
Proceeds from Issuance of Private Placement | $ 1,800,000 | ||||||
Stock Issued During Period, Value, New Issues | $ 42,996,000 | ||||||
Carlyle Group [Member] | Convertible Senior Notes Converted to Warrants [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 50,000,000 | ||||||
Private Placement [Member] | |||||||
Stock Issued During Period, Value, New Issues | $ 56,855,000 | ||||||
FGUSA Credit Facility [Member] | |||||||
Debt Agreement, Maximum Borrowing Capacity | $ 131,100,000 | ||||||
Debt Instrument, Unamortized Discount, Total | 10,000,000 | ||||||
Falcon Global USA LLC [Member] | |||||||
Payments for Debtor-in-possession Obligations | $ 15,000,000 | ||||||
Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (12,100,000) | $ (12,069,000) | |||||
Stock Issued During Period, Value, New Issues |
Note 10 - Noncontrolling Inte53
Note 10 - Noncontrolling Interests in Subsidiaries (Details Textual) - USD ($) $ in Thousands | Feb. 08, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (26,629) | $ (36,489) | $ (58,317) | $ (44,088) | |
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ (1,605) | $ (2,497) | $ (4,460) | $ (2,701) | |
Windcat Workboats [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 12.50% | 12.50% | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ (3,300) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (400) | ||||
Net Assets, Ending Balance | $ 17,600 | 17,600 | |||
Falcon Global Holdings [Member] | |||||
Joint Venture, Total Capital | $ 112,500 | ||||
Joint Venture, Contribution from Previous Joint Venture | 43,300 | ||||
Joint Venture, Contribution from Noncontrolling Interest | $ 18,800 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.00% | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 14,400 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | $ 4,000 |
Note 10 - Noncontrolling Inte54
Note 10 - Noncontrolling Interests in Subsidiaries - Noncontrolling Interest (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Noncontrolling interest | $ 29,455 | $ 14,975 |
Falcon Global [Member] | ||
Noncontrolling interest percent | 28.00% | |
Noncontrolling interest | $ 26,967 | 12,087 |
Windcat Workboats [Member] | ||
Noncontrolling interest percent | 12.50% | |
Noncontrolling interest | $ 2,201 | 2,608 |
Other Noncontrolling Interests [Member] | ||
Noncontrolling interest percent | 1.80% | |
Noncontrolling interest | $ 287 | $ 280 |
Note 11 - Commitments and Con55
Note 11 - Commitments and Contingencies (Details Textual) € in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) | |
Unrecorded Unconditional Purchase Obligation, Total | $ 43.3 | |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 12.7 | |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 21.6 | |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 9 | |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 20.8 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 51.6 | |
SEACOR Holdings [Member] | ||
Related Party Transaction, Rate | 0.50% | |
Line of Credit [Member] | Performance Guarantee [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | € | € 0.9 | |
Fast Support Vessels [Member] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 2 | 2 |
Supply Vessels [Member] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 3 | 3 |
Wind Farm Utility Vessel [Member] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 3 | 3 |
Standby Safety Vessels [Member] | ||
Unrecorded Unconditional Purchase Obligation, Maximum Quantity | 1 | 1 |
Note 12 - Multi-employer Pens56
Note 12 - Multi-employer Pension Plans (Details Textual) - Merchant Navy Ratings Pension Fund [Member] $ in Thousands, € in Millions | 12 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | |
Multiemployer Plans, Cumulative Funding Deficit | $ 291,900 | € 221 | ||
Scenario, Forecast [Member] | ||||
Multiemployer Plan, Contributions by Employer | $ 1,190 | € 0.9 |
Note 13 - Share Based Compens57
Note 13 - Share Based Compensation - Equity Incentive Plan Transactions (Details) | 6 Months Ended |
Jun. 30, 2018shares | |
Outstanding as of December 31, 2017 (in shares) | 613,700 |
Granted (in shares) | 145,991 |
Exercised (in shares) | 65,000 |
Outstanding as of June 30, 2018 (in shares) | 694,691 |
Shares Available for future grants as of June 30, 2018 (in shares) | 1,270,424 |
Director Stock Awards [Member] | |
Granted (in shares) | 19,285 |
Restricted Stock [Member] | |
Granted (in shares) | 120,600 |
Note 14 - Stock Repurchases (De
Note 14 - Stock Repurchases (Details Textual) - USD ($) | May 24, 2018 | May 14, 2018 | Jun. 30, 2018 | May 31, 2018 | Dec. 31, 2017 |
Treasury Stock, Shares, Acquired | 108 | 2,242 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 2,562 | $ 51,454 | $ 51,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||
Carlyle Warrants [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | $ 0.01 |
Note 15 - Segment Information59
Note 15 - Segment Information (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 115,424 | $ 92,169 |
MexMar [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 63,700 | |
Other Offshore Marine Services Joint Ventures [Member] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 51,700 |
Note 15 - Segment Information -
Note 15 - Segment Information - Summary of Reportable Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Average Rates Per Day | $ 7,324 | $ 5,649 | $ 7,174 | $ 5,683 | |
Fleet Utilization | 62.00% | 56.00% | 58.00% | 51.00% | |
Fleet Available Days | 12,528 | 12,363 | 25,129 | 24,130 | |
Operating Revenues | $ 60,701 | $ 42,323 | $ 112,422 | $ 76,627 | |
Direct Costs and Expenses | 45,980 | 40,792 | 84,328 | 70,580 | |
Direct Vessel Profit | 14,721 | 1,531 | 28,094 | 6,047 | |
Operating expenses | 36,778 | 40,028 | 71,922 | 67,948 | |
Administrative and general | 15,532 | 21,705 | 28,339 | 33,531 | |
Depreciation and amortization | 18,406 | 14,633 | 37,918 | 27,136 | |
Gains (Losses) on Asset Dispositions and Impairments, Net | 1,055 | (6,318) | (1,588) | (1,499) | |
Operating Loss | (21,002) | (44,815) | (45,416) | (63,400) | |
Historical cost | 1,287,855 | 1,155,155 | 1,287,855 | 1,155,155 | $ 1,179,836 |
Accumulated depreciation | (564,477) | (543,822) | (564,477) | (543,822) | (560,160) |
723,378 | 611,333 | 723,378 | 611,333 | $ 619,676 | |
Leased-in Equipment [Member] | |||||
Operating expenses | 2,840 | 3,690 | 5,665 | 7,281 | |
Time Charter [Member] | |||||
Operating Revenues | 56,826 | 38,803 | 103,968 | 69,533 | |
Bareboat Charter [Member] | |||||
Operating Revenues | 1,156 | 1,156 | 2,299 | 2,299 | |
Other Marine Services [Member] | |||||
Operating Revenues | 2,719 | 2,364 | 6,155 | 4,795 | |
Personnel [Member] | |||||
Direct Costs and Expenses | 24,733 | 20,577 | 46,409 | 37,368 | |
Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 9,070 | 10,425 | 16,143 | 14,020 | |
Drydocking [Member] | |||||
Direct Costs and Expenses | 3,112 | 2,251 | 5,369 | 5,318 | |
Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 1,934 | 2,126 | 3,124 | 3,685 | |
Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 4,122 | 3,190 | 7,667 | 5,532 | |
Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | 3,009 | 2,223 | 5,616 | 4,657 | |
UNITED STATES | |||||
Average Rates Per Day | $ 10,503 | $ 9,619 | $ 9,740 | $ 9,808 | |
Fleet Utilization | 23.00% | 13.00% | 20.00% | 10.00% | |
Fleet Available Days | 3,710 | 4,063 | 7,760 | 8,061 | |
Operating Revenues | $ 10,728 | $ 6,087 | $ 18,365 | $ 9,908 | |
Direct Costs and Expenses | 8,906 | 7,231 | 15,069 | 12,858 | |
Direct Vessel Profit | 1,822 | (1,144) | 3,296 | (2,950) | |
Administrative and general | |||||
Depreciation and amortization | 5,915 | 5,749 | 12,450 | 11,349 | |
Historical cost | 439,026 | 417,675 | 439,026 | 417,675 | |
Accumulated depreciation | (225,116) | (233,758) | (225,116) | (233,758) | |
213,910 | 183,917 | 213,910 | 183,917 | ||
UNITED STATES | Leased-in Equipment [Member] | |||||
Operating expenses | 1,856 | 2,205 | 3,718 | 4,416 | |
UNITED STATES | Time Charter [Member] | |||||
Operating Revenues | 9,052 | 4,889 | 15,034 | 7,884 | |
UNITED STATES | Bareboat Charter [Member] | |||||
Operating Revenues | |||||
UNITED STATES | Other Marine Services [Member] | |||||
Operating Revenues | 1,676 | 1,198 | 3,331 | 2,024 | |
UNITED STATES | Personnel [Member] | |||||
Direct Costs and Expenses | 4,636 | 4,183 | 8,628 | 7,313 | |
UNITED STATES | Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 1,529 | 937 | 2,223 | 1,674 | |
UNITED STATES | Drydocking [Member] | |||||
Direct Costs and Expenses | 910 | 310 | 1,435 | 883 | |
UNITED STATES | Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 902 | 1,205 | 1,336 | 2,010 | |
UNITED STATES | Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 900 | 545 | 1,393 | 855 | |
UNITED STATES | Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | 29 | 51 | 54 | 123 | |
Africa [Member] | |||||
Average Rates Per Day | $ 9,509 | $ 10,348 | $ 9,482 | $ 9,913 | |
Fleet Utilization | 88.00% | 67.00% | 89.00% | 64.00% | |
Fleet Available Days | 1,331 | 1,123 | 2,591 | 2,142 | |
Operating Revenues | $ 11,472 | $ 8,001 | $ 23,553 | $ 14,040 | |
Direct Costs and Expenses | 9,437 | 9,277 | 16,791 | 14,873 | |
Direct Vessel Profit | 2,035 | (1,276) | 6,762 | (833) | |
Administrative and general | |||||
Depreciation and amortization | 2,924 | 2,059 | 5,731 | 3,649 | |
Historical cost | 184,037 | 183,661 | 184,037 | 183,661 | |
Accumulated depreciation | (57,909) | (59,300) | (57,909) | (59,300) | |
126,128 | 124,361 | 126,128 | 124,361 | ||
Africa [Member] | Leased-in Equipment [Member] | |||||
Operating expenses | 962 | 969 | 1,925 | 1,939 | |
Africa [Member] | Time Charter [Member] | |||||
Operating Revenues | 11,122 | 7,786 | 21,916 | 13,633 | |
Africa [Member] | Bareboat Charter [Member] | |||||
Operating Revenues | |||||
Africa [Member] | Other Marine Services [Member] | |||||
Operating Revenues | 350 | 215 | 1,637 | 407 | |
Africa [Member] | Personnel [Member] | |||||
Direct Costs and Expenses | 4,314 | 3,428 | 8,387 | 6,036 | |
Africa [Member] | Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 1,663 | 3,234 | 3,019 | 3,778 | |
Africa [Member] | Drydocking [Member] | |||||
Direct Costs and Expenses | 910 | 683 | 912 | 1,740 | |
Africa [Member] | Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 248 | 357 | 466 | 539 | |
Africa [Member] | Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 900 | 704 | 1,569 | 1,263 | |
Africa [Member] | Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | 1,402 | 871 | 2,438 | 1,517 | |
Middle East and Asia [Member] | |||||
Average Rates Per Day | $ 8,226 | $ 6,580 | $ 8,155 | $ 6,765 | |
Fleet Utilization | 82.00% | 55.00% | 74.00% | 52.00% | |
Fleet Available Days | 2,005 | 2,067 | 4,137 | 3,777 | |
Operating Revenues | $ 12,799 | $ 7,524 | $ 24,043 | $ 14,224 | |
Direct Costs and Expenses | 9,836 | 10,774 | 18,753 | 16,966 | |
Direct Vessel Profit | 2,963 | (3,250) | 5,290 | (2,742) | |
Administrative and general | |||||
Depreciation and amortization | 4,311 | 3,979 | 10,401 | 6,506 | |
Historical cost | 317,536 | 302,892 | 317,536 | 302,892 | |
Accumulated depreciation | (86,239) | (83,880) | (86,239) | (83,880) | |
231,297 | 219,012 | 231,297 | 219,012 | ||
Middle East and Asia [Member] | Leased-in Equipment [Member] | |||||
Operating expenses | 516 | 862 | |||
Middle East and Asia [Member] | Time Charter [Member] | |||||
Operating Revenues | 13,591 | 7,415 | 24,965 | 13,238 | |
Middle East and Asia [Member] | Bareboat Charter [Member] | |||||
Operating Revenues | |||||
Middle East and Asia [Member] | Other Marine Services [Member] | |||||
Operating Revenues | (792) | 109 | (922) | 986 | |
Middle East and Asia [Member] | Personnel [Member] | |||||
Direct Costs and Expenses | 4,069 | 4,147 | 8,091 | 7,270 | |
Middle East and Asia [Member] | Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 3,576 | 3,947 | 6,004 | 4,523 | |
Middle East and Asia [Member] | Drydocking [Member] | |||||
Direct Costs and Expenses | 72 | 358 | 61 | 516 | |
Middle East and Asia [Member] | Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 361 | 353 | 597 | 699 | |
Middle East and Asia [Member] | Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 922 | 908 | 1,956 | 1,432 | |
Middle East and Asia [Member] | Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | 836 | 1,061 | 2,044 | 2,526 | |
Brazil, Mexico, Central and South America [Member] | |||||
Average Rates Per Day | $ 19,127 | $ 18,069 | |||
Fleet Utilization | 57.00% | 52.00% | |||
Fleet Available Days | 416 | 105 | 635 | 195 | |
Operating Revenues | $ 6,557 | $ 1,318 | $ 9,184 | $ 2,536 | |
Direct Costs and Expenses | 2,268 | 298 | 3,141 | 323 | |
Direct Vessel Profit | 4,289 | 1,020 | 6,043 | 2,213 | |
Administrative and general | |||||
Depreciation and amortization | 2,280 | 784 | 3,499 | 1,449 | |
Historical cost | 165,145 | 78,976 | 165,145 | 78,976 | |
Accumulated depreciation | (58,078) | (41,565) | (58,078) | (41,565) | |
107,067 | 37,411 | 107,067 | 37,411 | ||
Brazil, Mexico, Central and South America [Member] | Leased-in Equipment [Member] | |||||
Operating expenses | |||||
Brazil, Mexico, Central and South America [Member] | Time Charter [Member] | |||||
Operating Revenues | 4,556 | 5,930 | |||
Brazil, Mexico, Central and South America [Member] | Bareboat Charter [Member] | |||||
Operating Revenues | 1,156 | 1,156 | 2,299 | 2,299 | |
Brazil, Mexico, Central and South America [Member] | Other Marine Services [Member] | |||||
Operating Revenues | 845 | 162 | 955 | 237 | |
Brazil, Mexico, Central and South America [Member] | Personnel [Member] | |||||
Direct Costs and Expenses | 1,219 | 148 | 1,595 | 161 | |
Brazil, Mexico, Central and South America [Member] | Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 32 | 116 | 337 | 120 | |
Brazil, Mexico, Central and South America [Member] | Drydocking [Member] | |||||
Direct Costs and Expenses | 11 | 11 | |||
Brazil, Mexico, Central and South America [Member] | Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 169 | 4 | 236 | 11 | |
Brazil, Mexico, Central and South America [Member] | Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 349 | 27 | 414 | 27 | |
Brazil, Mexico, Central and South America [Member] | Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | 488 | 3 | 548 | 4 | |
Europe [Member] | |||||
Average Rates Per Day | $ 4,823 | $ 4,176 | $ 4,984 | $ 4,294 | |
Fleet Utilization | 76.00% | 90.00% | 72.00% | 81.00% | |
Fleet Available Days | 5,066 | 5,005 | 10,006 | 9,955 | |
Operating Revenues | $ 19,145 | $ 19,393 | $ 37,277 | $ 35,919 | |
Direct Costs and Expenses | 15,533 | 13,212 | 30,574 | 25,560 | |
Direct Vessel Profit | 3,612 | 6,181 | 6,703 | 10,359 | |
Administrative and general | |||||
Depreciation and amortization | 2,976 | 2,062 | 5,837 | 4,183 | |
Historical cost | 182,111 | 171,951 | 182,111 | 171,951 | |
Accumulated depreciation | (137,135) | (125,319) | (137,135) | (125,319) | |
44,976 | 46,632 | 44,976 | 46,632 | ||
Europe [Member] | Leased-in Equipment [Member] | |||||
Operating expenses | 22 | 22 | 64 | ||
Europe [Member] | Time Charter [Member] | |||||
Operating Revenues | 18,505 | 18,713 | 36,123 | 34,778 | |
Europe [Member] | Bareboat Charter [Member] | |||||
Operating Revenues | |||||
Europe [Member] | Other Marine Services [Member] | |||||
Operating Revenues | 640 | 680 | 1,154 | 1,141 | |
Europe [Member] | Personnel [Member] | |||||
Direct Costs and Expenses | 10,495 | 8,671 | 19,708 | 16,588 | |
Europe [Member] | Repairs and Maintenance [Member] | |||||
Direct Costs and Expenses | 2,270 | 2,191 | 4,560 | 3,925 | |
Europe [Member] | Drydocking [Member] | |||||
Direct Costs and Expenses | 1,209 | 900 | 2,950 | 2,179 | |
Europe [Member] | Insurance and Loss Reserves [Member] | |||||
Direct Costs and Expenses | 254 | 207 | 489 | 426 | |
Europe [Member] | Fuel, Lubes and Supplies [Member] | |||||
Direct Costs and Expenses | 1,051 | 1,006 | 2,335 | 1,955 | |
Europe [Member] | Other Direct Costs and Expenses [Member] | |||||
Direct Costs and Expenses | $ 254 | $ 237 | $ 532 | $ 487 |
Note 15 - Segment Information61
Note 15 - Segment Information - Income (Loss) in Equity Method Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity in earnings (losses) of 50% or less owned companies | $ (721) | $ 1,571 | $ (513) | $ 2,009 |
MexMar [Member] | ||||
Equity in earnings (losses) of 50% or less owned companies | 1,076 | 1,222 | 2,508 | 2,589 |
Other Offshore Marine Services Joint Ventures [Member] | ||||
Equity in earnings (losses) of 50% or less owned companies | $ (1,797) | $ 349 | $ (3,021) | $ (580) |
Note 16 - Subsequent Event (Det
Note 16 - Subsequent Event (Details Textual) - Marshall Islands Limited Liability Companies [Member] - Subsequent Event [Member] $ in Millions | Jul. 05, 2018USD ($) |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Number of Businesses Acquired | 2 |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 11 |