Major Customers and Segment Information | 19. During the year ended December 31, 2020, two customers, SEACOR Marine Arabia LLC, a joint venture through which vessels are in service to Saudi Aramco, and Exxon Mobil were each responsible for $30.7 million or 21% and $24.8 million or 17%, respectively, of the Company’s total consolidated operating revenues from continuing operations. During the year ended December 31, 2019, SEACOR Marine Arabia LLC was responsible for $30.8 million or 17% ($20.3 million or 11% from Zamil Offshore and $10.5 million or 6% from Saudi Aramco) of the Company’s total consolidated operating revenues from continuing operations. During the year ended December 31, 2018, SEACOR Marine Arabia LLC was responsible for $21.4 million or 12% ($12.2 million or 7% from Zamil Offshore and $9.2 million or 5% from Saudi Aramco) of the Company’s total consolidated operating revenues from continuing operations. Additionally, Exxon Mobil was responsible for revenues of $16.5 million or 9% and $3.1 million or 2% in 2019 and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, the ten largest customers of the Company accounted for approximately 76%, 61%, and 57%, respectively, of the Company’s operating revenues from continuing operations. 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, 2020, 2019 and 2018, approximately 89%, 75%, and 71%, respectively, of the Company’s operating revenues and ($6.6) million, ($13.0) million, and ($1.9) million, respectively, of equity in losses from 50% or less owned companies, net of tax, were derived from its continuing 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. The following tables summarize (in thousands) the operating results and property and equipment of the Company’s reportable segments. Direct vessel profit is the Company’s measure of segment profitability, a key metric in assessing the performance of its fleet. 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 individual vessels, fleet categories, regions and combined fleet. United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Latin America Europe Continuing Operations Total For the year ended December 31, 2020 Operating Revenues: Time charter $ 9,873 $ 35,876 $ 52,052 $ 23,806 $ 11,847 $ 133,454 Bareboat charter 2,910 — — — (55 ) 2,855 Other 2,422 (465 ) 2,157 1,084 330 5,528 15,205 35,411 54,209 24,890 12,122 141,837 Direct Costs and Expenses: Operating: Personnel 10,065 10,552 18,188 6,698 2,845 48,348 Repairs and maintenance 1,655 5,175 5,232 2,131 468 14,661 Drydocking 1,167 2,014 759 329 — 4,269 Insurance and loss reserves 1,774 1,026 1,721 462 780 5,763 Fuel, lubes and supplies 1,172 2,940 2,706 990 320 8,128 Other 373 984 6,891 1,369 359 9,976 16,206 22,691 35,497 11,979 4,772 91,145 Direct Vessel (Loss) Profit $ (1,001 ) $ 12,720 $ 18,712 $ 12,911 $ 7,350 50,692 Other Costs and Expenses: Operating: Leased-in equipment $ 4,272 $ 3,029 $ 170 $ 45 $ 9 7,525 Administrative and general 40,051 Depreciation and amortization $ 21,427 $ 10,833 $ 16,595 $ 5,481 $ 2,831 57,167 104,743 Losses on Asset Dispositions and Impairments, Net (17,588 ) Operating Loss $ (71,639 ) As of December 31, 2020 Property and Equipment: Historical cost $ 257,592 $ 204,079 $ 361,514 $ 130,769 $ 58,919 $ 1,012,873 Accumulated depreciation (134,391 ) (60,535 ) (75,349 ) (13,312 ) (7,951 ) (291,538 ) $ 123,201 $ 143,544 $ 286,165 $ 117,457 $ 50,968 $ 721,335 Total Assets ( 1) $ 164,656 $ 153,399 $ 289,314 $ 179,942 $ 74,495 $ 861,806 (1) Total assets exclude $105.6 million of corporate assets, and $50.2 million of assets held for sale. United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Latin America Europe Continuing Operations Total For the year ended December 31, 2019 Operating Revenues: Time charter $ 38,955 $ 44,160 $ 54,312 $ 11,460 $ 8,165 $ 157,052 Bareboat charter 1,562 — — 3,569 — 5,131 Other 3,806 1,461 1,669 1,390 3,944 12,270 44,323 45,621 55,981 16,419 12,109 174,453 Direct Costs and Expenses: Operating: Personnel 17,491 13,833 16,698 4,459 3,494 55,975 Repairs and maintenance 7,583 4,701 7,182 1,348 587 21,401 Drydocking 4,594 490 600 161 3 5,848 Insurance and loss reserves 2,370 1,051 1,449 311 441 5,622 Fuel, lubes and supplies 2,936 3,471 2,904 1,056 255 10,622 Other 393 4,354 3,095 1,182 1,031 10,055 35,367 27,900 31,928 8,517 5,811 109,523 Direct Vessel Profit $ 8,956 $ 17,721 $ 24,053 $ 7,902 $ 6,298 64,930 Other Costs and Expenses: Operating: Leased-in equipment $ 10,894 $ 3,090 $ 173 $ 10 $ 1,673 15,840 Administrative and general 39,791 Depreciation and amortization $ 21,947 $ 10,404 $ 16,400 $ 6,205 $ 2,210 57,166 112,797 Losses on Asset Dispositions and Impairments, Net (6,461 ) Operating Loss $ (54,328 ) As of December 31, 2019 Property and Equipment: Historical cost $ 297,392 $ 207,107 $ 292,446 $ 57,534 $ 44,545 $ 899,024 Accumulated depreciation (157,514 ) (57,136 ) (73,039 ) (16,239 ) (4,989 ) (308,917 ) $ 139,878 $ 149,971 $ 219,407 $ 41,295 $ 39,556 $ 590,107 Total Assets ( 1) $ 224,229 $ 161,915 $ 250,890 $ 116,736 $ 64,156 $ 817,926 (1) Total assets exclude $145.5 million of corporate assets, and $45.7 million of assets held-for-sale United States (primarily Gulf of Mexico) Africa (primarily West Africa) Middle East and Asia Latin America Europe Continuing Operations Total For the year ended December 31, 2018 Operating Revenues: Time charter $ 38,802 $ 43,847 $ 50,072 $ 17,343 $ — $ 150,064 Bareboat charter — — — 4,635 — 4,635 Other 14,762 7,661 (887 ) 1,554 1,372 24,462 53,564 51,508 49,185 23,532 1,372 179,161 Direct Costs and Expenses: Operating: Personnel 18,708 16,538 16,806 4,399 2,081 58,532 Repairs and maintenance 5,152 6,330 11,172 1,011 720 24,385 Drydocking 1,957 2,085 1,362 128 2,260 7,792 Insurance and loss reserves 2,922 1,096 1,371 495 86 5,970 Fuel, lubes and supplies 3,568 3,826 4,027 1,225 258 12,904 Other 393 4,313 3,980 1,130 188 10,004 32,700 34,188 38,718 8,388 5,593 119,587 Direct Vessel Profit (Loss) $ 20,864 $ 17,320 $ 10,467 $ 15,144 $ (4,221 ) 59,574 Other Costs and Expenses: Operating: Leased-in equipment $ 8,240 $ 4,281 $ 224 $ 5 $ 214 12,964 Administrative and general 41,616 Depreciation and amortization $ 23,227 $ 10,453 $ 18,762 $ 7,908 $ 1,069 61,419 115,999 Losses on Asset Dispositions and Impairments, Net (11,989 ) Operating Loss $ (68,414 ) As of December 31, 2018 Property and Equipment: Historical cost $ 432,336 $ 184,361 $ 306,897 $ 124,177 $ 26 $ 1,047,797 Accumulated depreciation (224,737 ) (55,206 ) (81,378 ) (57,002 ) (17 ) (418,340 ) $ 207,599 $ 129,155 $ 225,519 $ 67,175 $ 9 $ 629,457 Total Assets ( 1) $ 351,748 $ 140,335 $ 260,002 $ 137,983 $ (28,450 ) 861,618 (1) Total assets exclude $153.1 million of corporate assets, and $88.2 million of assets held-for-sale. |