Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 04, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SMHI | ||
Entity Registrant Name | SEACOR Marine Holdings Inc. | ||
Entity Central Index Key | 0001690334 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NYSE | ||
Entity File Number | 1-37966 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-2564547 | ||
Entity Address, Address Line One | 12121 Wickchester Lane | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77079 | ||
City Area Code | 346 | ||
Local Phone Number | 980-1700 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 25,992,237 | ||
Entity Public Float | $ 96.2 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Houston, Texas | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement for its 2022 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the "SEC") pursuant to Regulation 14A within 120 days after the end of the Registrant’s last fiscal year is incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current Assets: | |||
Cash and cash equivalents | $ 37,619 | $ 32,666 | |
Restricted cash | 3,601 | 3,352 | |
Receivables: | |||
Trade, net of allowance for credit loss accounts of $1,312 and $582 in 2021 and 2020, respectively | 55,544 | 45,325 | |
Other | 6,118 | 10,924 | |
Receivable from SEACOR Holdings | 18,832 | ||
Tax receivable | 1,238 | 13,556 | |
Inventories | 928 | 576 | |
Prepaid expenses and other | 3,730 | 3,230 | |
Assets held for sale | 50,235 | ||
Total current assets | 108,778 | 178,696 | |
Property and Equipment: | |||
Historical cost | [1] | 1,025,284 | 1,012,873 |
Accumulated depreciation | (317,297) | (291,538) | |
Property and equipment | 707,987 | 721,335 | |
Construction in progress | 15,531 | 32,327 | |
Net property and equipment | 723,518 | 753,662 | |
Right-of-use asset - operating leases | 6,608 | 7,134 | |
Right-of-use asset - finance leases | 100 | 129 | |
Investments, at equity, and advances to 50% or less owned companies | 71,727 | 75,308 | |
Other assets | 1,771 | 2,734 | |
Total assets | 912,502 | 1,017,663 | |
Current Liabilities: | |||
Current portion of operating lease liabilities | 1,986 | 7,030 | |
Current portion of finance lease liabilities | 33 | 36 | |
Current portion of long-term debt: | |||
Recourse | 31,602 | 26,734 | |
Non-recourse | 5,643 | ||
Accounts payable and accrued expenses | 28,419 | 29,967 | |
Due to SEACOR Holdings | 274 | ||
Accrued wages and benefits | 3,711 | 1,744 | |
Accrued interest | 2,273 | 1,664 | |
Accrued capital, repair and maintenance expenditures | 2,438 | 11,328 | |
Deferred revenue and unearned revenue | 1,606 | 4,452 | |
Accrued insurance deductibles and premiums | 2,720 | 2,274 | |
Accrued professional fees | 1,214 | 975 | |
Derivatives | 1,831 | 4,591 | |
Other current liabilities | 6,558 | 4,439 | |
Liabilities held for sale | 30,927 | ||
Total current liabilities | 84,665 | 131,804 | |
Long-term operating lease liabilities | 4,885 | 4,345 | |
Long-term finance lease liabilities | 76 | 105 | |
Long-term Debt: | |||
Recourse | 327,300 | 328,690 | |
Non-recourse | 5,462 | 111,820 | |
Conversion option liability on convertible senior notes | 2 | ||
Deferred income taxes | 40,682 | 35,822 | |
Deferred gains and other liabilities | 2,891 | 3,239 | |
Total liabilities | 465,961 | 615,827 | |
SEACOR Marine Holdings Inc. stockholders' equity: | |||
Common stock, $.01 par value, 60,000,000 shares authorized; 26,120,124 and 23,504,050 shares issued in 2021 and 2020, respectively | 262 | 235 | |
Additional paid-in capital | 461,931 | 451,179 | |
Accumulated deficit | (22,907) | (51,839) | |
Shares held in treasury of 127,887 and 73,284 in 2021 and 2020, respectively, at cost | (1,120) | (848) | |
Accumulated other comprehensive income, net of tax | 8,055 | 2,790 | |
Total stockholders equity | 446,221 | 401,517 | |
Noncontrolling interests in subsidiaries | 320 | 319 | |
Total equity | 446,541 | 401,836 | |
Total liabilities and equity | $ 912,502 | $ 1,017,663 | |
[1] | Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Trade receivables, allowance for credit loss | $ 1,312 | $ 582 |
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) | 26,120,124 | 23,504,050 |
Shares held in treasury (in shares) | 127,887 | 73,284 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Operating Revenues | $ 170,941 | $ 141,837 | $ 174,453 |
Costs and Expenses: | |||
Operating | 127,406 | 91,145 | 109,523 |
Administrative and general | 37,639 | 40,051 | 39,791 |
Lease expense | 6,085 | 7,525 | 15,840 |
Depreciation and amortization | 57,395 | 57,167 | 57,166 |
Costs and Expenses | 228,525 | 195,888 | 222,320 |
Gains (Losses) on Asset Dispositions and Impairments, Net | 20,436 | (17,588) | (6,461) |
Operating Loss | (37,148) | (71,639) | (54,328) |
Other Income (Expense): | |||
Interest income | 1,302 | 1,273 | 1,389 |
Interest expense | (28,111) | (30,691) | (28,956) |
SEACOR Holdings guarantee fees | (7) | (47) | (108) |
Gain on debt extinguishment | 61,994 | ||
Derivative gains, net | 391 | 4,310 | 71 |
Foreign currency losses, net | (1,235) | (1,294) | (2,541) |
Gain (Loss) from return of investments in 50% or less owned companies and other, net | 9,441 | (19) | (1) |
Nonoperating Income (Expense) | 43,775 | (26,468) | (30,146) |
Income (Loss) from Continuing Operations Before Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | 6,627 | (98,107) | (84,474) |
Income Tax Expense (Benefit): | |||
Current | 6,633 | (25,182) | 4,921 |
Deferred | 4,860 | 2,258 | (12,890) |
Income Tax Expense (Benefit) | 11,493 | (22,924) | (7,969) |
Loss Before Equity in Earnings of 50% or Less Owned Companies | (4,866) | (75,183) | (76,505) |
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies, Net of Tax | 15,078 | (8,163) | (14,459) |
Income (Loss) from Continuing Operations | 10,212 | (83,346) | (90,964) |
Income (Loss) on Discontinued Operations, Net of Tax (see Note 20) | 22,925 | 364 | (7,731) |
Net Income (Loss) | 33,137 | (82,982) | (98,695) |
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 1 | (4,067) | (5,858) |
Net Income (Loss) attributable to SEACOR Marine Holdings Inc. | $ 33,136 | $ (78,915) | $ (92,837) |
Net Earnings (Loss) Per Common Share from Continuing Operations: | |||
Basic | $ 0.40 | $ (3.20) | $ (3.62) |
Diluted | 0.40 | (3.20) | (3.62) |
Net Earnings (Loss) Per Share from Discontinued Operations: | |||
Basic | 0.90 | 0.02 | (0.33) |
Diluted | 0.90 | 0.02 | (0.33) |
Net Earnings (Loss) per Share: | |||
Basic | 1.30 | (3.18) | (3.95) |
Diluted | $ 1.30 | $ (3.18) | $ (3.95) |
Weighted Average Common Shares and Warrants Outstanding: | |||
Basic | 25,444,693 | 24,785,744 | 23,513,925 |
Diluted | 25,495,527 | 24,785,744 | 23,513,925 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss) | $ 33,137 | $ (82,982) | $ (98,695) |
Other Comprehensive Income: | |||
Foreign currency translation gains, net | 3,986 | 2,112 | 20,157 |
Derivative gains (losses) on cash flow hedges | 219 | (2,139) | (1,901) |
Other comprehensive income | 5,265 | 1,242 | 18,163 |
Income tax benefit | 173 | ||
Other comprehensive income, net | 5,265 | 1,242 | 18,336 |
Comprehensive Income (Loss) | 38,402 | (81,740) | (80,359) |
Comprehensive Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | 1 | (4,067) | (5,858) |
Comprehensive Income (Loss) attributable to SEACOR Marine Holdings Inc. | 38,401 | (77,673) | (74,501) |
Interest Expense | |||
Other Comprehensive Income: | |||
Reclassification of derivative losses on cash flow hedges | 1,648 | 1,425 | 552 |
Equity Method Investments | |||
Other Comprehensive Income: | |||
Reclassification of derivative losses on cash flow hedges | $ (588) | $ (156) | $ (645) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Reclassification of derivative losses on cash flow hedges to equity in losses | 50.00% | 50.00% | 50.00% |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Previously Reported [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Previously Reported [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Previously Reported [Member] | Treasury Stock [Member] | Treasury Stock [Member]Previously Reported [Member] | Retained Earnings [Member] | Retained Earnings [Member]Previously Reported [Member] | Retained Earnings [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Previously Reported [Member] | Non-Controlling Interests In Subsidiaries [Member] | Non-Controlling Interests In Subsidiaries [Member]Previously Reported [Member] |
Balance at Dec. 31, 2018 | $ 565,351 | $ 554,935 | $ 10,416 | $ 204 | $ 204 | $ 415,372 | $ 415,372 | $ (91) | $ (91) | $ 137,250 | $ 126,834 | $ 10,416 | $ (16,788) | $ (16,788) | $ 29,404 | $ 29,404 |
Balance (in shares) at Dec. 31, 2018 | 20,439,208 | 20,439,208 | 4,007 | 4,007 | ||||||||||||
Issuance of common stock | 6,596 | $ 7 | 6,589 | |||||||||||||
Issuance of Common Stock (in shares) | 653,872 | |||||||||||||||
Restricted stock grants | 2 | $ 2 | ||||||||||||||
Restricted stock grants (in shares) | 245,400 | |||||||||||||||
Cancellation of restricted stock grants (in shares) | (2,200) | |||||||||||||||
Amortization of employee share awards | 5,046 | 5,046 | ||||||||||||||
Exercise of options | 1,421 | $ 1 | 1,420 | |||||||||||||
Exercise of options (in shares) | 113,750 | |||||||||||||||
Exercise of warrants | 3 | $ 4 | $ (1) | |||||||||||||
Exercise of Warrants (in shares) | 444,391 | |||||||||||||||
Restricted stock vesting | (579) | (2) | $ (577) | |||||||||||||
Restricted stock vesting (in shares) | (43,129) | 43,129 | ||||||||||||||
Director share awards | 894 | $ 1 | 893 | |||||||||||||
Director share awards (in shares) | 30,197 | 49 | ||||||||||||||
Acquisition of consolidated joint venture | (2,114) | (2,114) | ||||||||||||||
Sale of Standby Safety Fleet | (17,399) | (17,399) | ||||||||||||||
Dissolution of entity | 62 | 62 | ||||||||||||||
Net Income (Loss) | (98,695) | (92,837) | (5,858) | |||||||||||||
Other comprehensive income | 18,336 | 18,336 | ||||||||||||||
Balance at Dec. 31, 2019 | $ 478,924 | $ 219 | $ 429,318 | $ (669) | $ 27,076 | 1,548 | $ 1,548 | $ 21,432 | ||||||||
Balance (in shares) at Dec. 31, 2019 | 21,881,489 | 47,185 | ||||||||||||||
Restricted stock grants | 3 | $ 3 | ||||||||||||||
Restricted stock grants (in shares) | 289,452 | |||||||||||||||
Cancellation of grants and options | 101 | 101 | ||||||||||||||
Cancellation of grants and options (in shares) | (12,650) | |||||||||||||||
Amortization of employee share awards | $ 3,969 | 3,969 | ||||||||||||||
Exercise of options (in shares) | 0 | |||||||||||||||
Exercise of warrants | $ 2 | $ 3 | $ (1) | |||||||||||||
Exercise of Warrants (in shares) | 338,320 | 354 | ||||||||||||||
Restricted stock vesting | (178) | $ (178) | ||||||||||||||
Restricted stock vesting (in shares) | (25,745) | 25,745 | ||||||||||||||
Director share awards | 755 | $ 1 | 754 | |||||||||||||
Director share awards (in shares) | 59,900 | |||||||||||||||
Acquisition of consolidated joint venture | $ 9 | 17,037 | (17,046) | |||||||||||||
Acquisition of consolidated joint venture (in shares) | 900,000 | |||||||||||||||
Net Income (Loss) | (82,982) | (78,915) | (4,067) | |||||||||||||
Other comprehensive income | 1,242 | 1,242 | ||||||||||||||
Balance at Dec. 31, 2020 | $ 401,836 | $ 235 | 451,179 | $ (848) | (51,839) | 2,790 | 319 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 23,504,050 | 23,430,766 | 73,284 | |||||||||||||
Restricted stock grants | $ 8 | $ 8 | ||||||||||||||
Restricted stock grants (in shares) | 815,550 | |||||||||||||||
Cancellation of restricted stock grants (in shares) | (5,250) | |||||||||||||||
Amortization of employee share awards | $ 5,002 | 5,002 | ||||||||||||||
Exercise of options (in shares) | 0 | |||||||||||||||
Exercise of warrants | $ 1 | $ 1 | ||||||||||||||
Exercise of Warrants (in shares) | 48,809 | |||||||||||||||
Restricted stock vesting | (272) | $ (272) | ||||||||||||||
Restricted stock vesting (in shares) | (54,603) | 54,603 | ||||||||||||||
Director share awards | 437 | $ 2 | 435 | |||||||||||||
Director share awards (in shares) | 189,030 | |||||||||||||||
Acquisition of 50% or less owned company | 5,331 | $ 16 | 5,315 | |||||||||||||
Acquisition of 50% or less owned company (in shares) | 1,567,935 | |||||||||||||||
Sale of Windcat Workboats | (4,204) | (4,204) | ||||||||||||||
Net Income (Loss) | 33,137 | 33,136 | 1 | |||||||||||||
Other comprehensive income | 5,265 | 5,265 | ||||||||||||||
Balance at Dec. 31, 2021 | $ 446,541 | $ 262 | $ 461,931 | $ (1,120) | $ (22,907) | $ 8,055 | $ 320 | |||||||||
Balance (in shares) at Dec. 31, 2021 | 26,120,124 | 25,992,237 | 127,887 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Equity (Parenthetical) | Dec. 31, 2021 |
Maximum | |
Ownership Percentage | 50.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Continuing Operating Activities: | |||
Net Income (Loss) | $ 33,137 | $ (83,346) | $ (100,070) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 57,395 | 57,167 | 57,166 |
Deferred financing cost amortization | 1,097 | 1,107 | 1,055 |
Stock-based compensation expense | 5,165 | 4,646 | 5,363 |
Debt discount amortization | 6,866 | 6,672 | 5,662 |
Allowance for credit losses | 863 | 230 | (404) |
(Gains) Losses from equipment sales, retirements or impairments | (20,436) | 17,588 | 6,461 |
Gain from return of investments in 50% or less owned companies | (9,442) | ||
Gain on debt extinguishment | (62,749) | ||
Derivative gains | (391) | (4,310) | (71) |
Interest on finance lease | 4 | 1 | |
Cash settlement payments on derivative transactions, net | (2,150) | (1,331) | (482) |
Currency losses | 1,235 | 1,294 | 2,541 |
Deferred | 4,860 | 2,258 | (12,890) |
Equity (earnings) losses | (15,078) | 8,163 | 14,459 |
Dividends received from equity investees | 5,332 | 2,117 | 2,073 |
Changes in Operating Assets and Liabilities: | |||
Accounts receivables | 22,437 | (30,165) | 10,182 |
Other assets | 3,113 | 6,530 | 554 |
Accounts payable and accrued liabilities | 471 | (18,343) | 957 |
Net cash provided by (used in) operating activities | 8,973 | (29,722) | 1,662 |
Cash Flows from Continuing Investing Activities: | |||
Purchases of property and equipment | (7,003) | (20,808) | (44,775) |
Proceeds from disposition of property and equipment | 30,137 | 20,674 | 55,321 |
Cash impact of sale of ERRV fleet | (5,140) | ||
Purchase of subsidiary from joint venture | (8,445) | ||
Proceeds from sale of Windcat Workboats, net of transaction costs and cash sold | 38,715 | ||
Investments in and advances to 50% or less owned companies | (3,008) | (2,206) | (17,395) |
Return of investments and advances from 50% or less owned companies | 461 | ||
Excess distributions from equity investees | 9,442 | ||
Construction reserve funds transferred to short-term cash | 3,745 | ||
Construction reserve funds utilized | 9,148 | 15,168 | |
Principal payments on notes due from equity investees | 3,345 | 1,715 | |
Cash received from acquisition of 50% or less owned company | 172 | ||
Net cash provided by investing activities | 71,800 | 3,823 | 31,030 |
Cash Flows from Continuing Financing Activities: | |||
Payments on long-term debt | (78,124) | (22,601) | (23,974) |
Payments on debt extinguishment costs | (755) | ||
Proceeds from exercise of stock options and warrants | 1 | 2 | 1,424 |
Payments on finance lease | (30) | ||
Issuance of stock | 10 | ||
Purchase of subsidiary shares from noncontrolling interests | (3,392) | ||
Net cash used in financing activities | (78,898) | (22,599) | (25,942) |
Effects of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (22) | 30 | (16,619) |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash, Continuing Operations | 1,853 | (48,468) | (9,869) |
Cash Flows from Discontinued Operations: | |||
Operating Activities | (171) | 8,217 | 13,778 |
Investing Activities | 0 | (8,318) | (15,388) |
Financing Activities | 0 | 941 | 0 |
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | 0 | 119 | 1,674 |
Net (Decrease) Increase in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations | (171) | 959 | 64 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1,682 | (47,509) | (9,805) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 39,538 | 87,047 | 96,852 |
Cash, Cash Equivalents and Restricted Cash, End of Year | 41,220 | 39,538 | 87,047 |
Supplemental disclosures: | |||
Cash paid for interest, excluding capitalized interest | 24,143 | 21,977 | 21,479 |
Income taxes refunded, net | 32,759 | 1,094 | 1,999 |
Noncash Investing and Financing Activities: | |||
Increase in property, plant and equipment related to an acquisition | 142,282 | ||
Decrease in joint venture investments related to an acquisition | 22,222 | ||
Distribution from equity investee | 2,538 | ||
Acquisition of 50% or less owned company | 23,037 | ||
Increase in long-term debt related to an acquisition | 75,569 | ||
Increase in long-term debt related to asset purchases | 6,500 | 21,252 | 10,626 |
Decrease in debt related to debt settlement | 62,749 | ||
Increase in capital expenditures in accounts payable and accrued liabilities | 10,379 | $ 3,193 | 2,409 |
Recognition of a new right-of-use asset - operating leases | 3,582 | ||
Windcat Workboats | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Gain (loss) on sale of assets | $ (22,756) | ||
Boston Putford Offshore Safety | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Gain (loss) on sale of assets | 9,106 | ||
ERRV Fleet Business | |||
Cash Flows from Continuing Investing Activities: | |||
Proceeds from disposition of property and equipment | $ 27,390 |
Nature of Operations and Accoun
Nature of Operations and Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operation And Accounting Policies [Abstract] | |
Nature of Operations and Accounting Policies | 1. NATURE OF OPERATIONS AND ACCOUNTING POLICIES Nature of Operations and Segmentation. The consolidated financial statements include the accounts of SEACOR Marine and its consolidated subsidiaries (collectively referred to as the “Company”). The Company provides global marine and support transportation services to offshore oil, natural gas and windfarm facilities worldwide. The Company and its joint ventures operate a diverse fleet of offshore support and specialty vessels that (i) deliver cargo and personnel to offshore installations, (ii) handle anchors and mooring equipment required to tether rigs to the seabed, (iii) tow rigs and assist in placing them on location and moving them between regions, (iv) provide construction, well work-over and decommissioning support and (v) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company’s vessels provide accommodations for technicians and specialists, safety support and emergency response services. Accounting standards require public business enterprises to report information about each of their operating business segments that exceed certain quantitative thresholds or meet certain other reporting requirements. Operating business segments have been defined as a component of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker in assessing performance. Due to the sale of Windcat Workboats Holdings Ltd (“Windcat Workboats”), the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now combined with the Africa segment and reported as a combined segment and prior period information has been conformed to the new consolidated reporting segment. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 20. Discontinued Operations”). In prior periods Africa and Europe were reported as separate segments. The Company has identified the following four principal geographic regions as its reporting segments: United States, primarily Gulf of Mexico. As of December 31, 2021, 15 vessels were located in the U.S. Gulf of Mexico, including 12 owned, two leased-in and one managed-in. The Company’s vessels in this market support deep-water anchor handling, fast cargo transport, general cargo transport, well intervention, work-over, decommissioning and diving support operations. Africa and Europe, continuing operations. As of December 31, 2021, 16 vessels were located in Africa and Europe, including 15 owned and one leased-in. The Company’s vessels in this area generally support projects for major oil companies, primarily in Angola, Nigeria and Congo and supporting oil and gas explorations and production operations in the North Sea. Middle East and Asia. As of December 31, 2021, 20 owned vessels were located in the Middle East and Asia . The Company’s vessels in this area generally support exploration, personnel transport and seasonal construction activities in Egypt, Israel and Malaysia and countries along the Arabian Gulf and Arabian Sea, such as Saudi Arabia, the United Arab Emirates and Qatar. Latin America. As of December 31, 2021, 30 vessels were located in this region, including 10 owned and 20 joint-ventured. Of these joint-ventured vessels, (i) 16 are owned by Mantenimiento Express Maritimo, S.A.P.I. de C.V. (“MexMar”), a joint venture that is 49% owned by SEACOR Marine International LLC (“SMI”), a wholly owned subsidiary of SEACOR Marine, and 51% owned by subsidiaries of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”), and (ii) four are owned by Offshore Vessel Holdings, S.A.P.I. DE. C.V. (“OVH”), a joint venture that is 49% owned by SMI and 51% owned by a subsidiary of CME. These vessels, consisting of a fleet of fast support vessels (“FSVs”), supply, specialty and liftboat vessels, provide support for exploration and production activities in Mexico and Guyana. From time to time, the Company’s vessels also work in Trinidad and Tobago, Brazil and Colombia. Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests' share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company ’ s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income ( loss ) as equity in earnings of 50% or less owned companies, net of ta x. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material. Revenue Recognition. The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the years ended December 31 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 3,307 $ 4,755 $ 1,327 Revenues deferred during the year 510 2,042 8,134 Revenues recognized and reclassifications during the year (3,496 ) (3,490 ) (4,706 ) Balance at end of year $ 321 $ 3,307 $ 4,755 As of December 31, 2021, the Company had deferred revenues of $0.3 million primarily comprised of prepaid charter modification and reservations. As of December 31, 2021, the Company recognized previously deferred revenues of $2.0 million of prepaid vessel management fees on completion of a management contract and $1.5 million related to contract completions and certain reclassifications. The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter. From time to time, the Company may also participate in pooling arrangements. In a pooling arrangement, the time charter revenues of certain of the Company’s vessels are shared with the time charter revenues of certain vessels of similar type owned by non-affiliated vessel owners based upon an agreed formula. Contract or charter durations may range from several days to several years. Charters vary in length from short-term to multi-year periods, many with cancellation clauses and without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may have little correlation with the length of time the vessel is contracted to provide services to a particular customer. Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. Cash equivalents consist of U.S. treasury securities, money market instruments, time deposits and overnight investments. A portion of the Company’s cash is maintained at a federally insured financial institution. The deposits held at this institution are in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held. Restricted Cash. Restricted cash primarily relates to banking facility requirements. For the year ended December 31, cash, cash equivalents and restricted cash consists of: 2021 2020 Cash $ 37,619 $ 32,666 Restricted cash 3,601 3,352 Total $ 41,220 $ 36,018 Trade and Other Receivables. Customers are primarily major integrated national and international oil companies and large independent oil and natural gas exploration and production companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (CECL). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted. Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as corresponding increases or decreases in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net, and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Realized and unrealized gains and losses on derivatives designated as cash flow hedges are reported as a component of other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective and reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Any ineffective portions of cash flow hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in Equity in earnings of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss). Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. Inventories. Inventories, which consist of fuel and supplies, are stated at the lower of cost (using the first-in, first-out method) or net realizable value. The Company records write-downs, as needed, to adjust the carrying amount of inventories to the lower of cost or net realizable value. In the year ended December 31, 2021, 2020 and 2019, there were no inventory reserves. Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of December 31, 2021, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years. The Company’s property and equipment as of December 31 was as follows (in thousands): Historical Cost (1) Accumulated Depreciation Net Book Value 2021 Offshore support vessels: AHTS (2) $ 49,632 $ (33,200 ) $ 16,432 FSV (3) 362,309 (116,878 ) 245,431 Supply 282,243 (20,613 ) 261,630 Specialty 3,163 (3,138 ) 25 Liftboats (4) 301,992 (120,823 ) 181,169 General machinery and spares 8,814 (8,463 ) 351 Other (5) 17,131 (14,182 ) 2,949 $ 1,025,284 $ (317,297 ) $ 707,987 2020 Offshore support vessels: AHTS (2) $ 50,189 $ (31,779 ) $ 18,410 FSV (3) 375,747 (104,739 ) 271,008 Supply 238,624 (15,991 ) 222,633 Liftboats 321,751 (117,364 ) 204,387 Crew transfer 3,163 (3,138 ) 25 General machinery and spares 7,746 (7,733 ) 13 Other (5) 15,653 (10,794 ) 4,859 $ 1,012,873 $ (291,538 ) $ 721,335 (1) Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans. (2) Anchor Handling Towing (“AHTS”). (3) Fast support vessels (“FSVs”). (4) As of December 31, 2021, the Company classified a liftboat included in the United States, primarily Gulf of Mexico segment, with a carrying value of $0.3 million, as an asset held for sale , in the normal course of business, the Company sold the liftboat for net proceeds of $3.2 million in cash and recorded a gain of $2.7 million after transaction costs of $0.2 million. ( 5 ) Includes land, buildings, leasehold improvements, vehicles and other property and equipment. As of December 31, 2021, the Company classified a building included in the Middle East and Asia segment, with a carrying value of $2.0 million, as held for sale. In January 2022, the Company sold the building for net proceeds of $2.4 million in cash and recorded a gain of $0.4 million. Depreciation and amortization expense totaled $57.4 million, $57.2 million and $57.2 million in 2021, 2020 and 2019, respectively. There was no depreciation and amortization expense from discontinued operations in 2021. Depreciation and amortization from discontinued operations totaled $ million and $ million in 2020 and 2019, respectively. On December 2, 2019, the Company completed the sale of its North Sea standby business, comprised of 18 emergency response and rescue vehicles (“ERRVs”) with a net book value of $24.3 million. Depreciation and amortization expense related to these ERRVs totaled $3.5 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. Capitalized interest totaled $0.3 million, $0.9 million and $1.5 million in 2021, 2020 and 2019, respectively. Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value. As a result of the difficult conditions experienced in the offshore oil and natural gas markets beginning in the second half of 2014 and the corresponding reductions in utilization and rates per day worked of its fleet, the Company identified indicators of impairment and recognized impairment charges primarily associated with its AHTS fleet, its liftboat fleet, certain specialty vessels and vessels removed from service. When reviewing its fleet for impairment, the Company groups vessels with similar operating and marketing characteristics, including cold-stacked vessels expected to return to active service, into vessel classes. All other vessels, including vessels retired and removed from service, are evaluated for impairment on a vessel by vessel basis. During the year ended December 31, 2021, the Company did not record an impairment on any owned or leased-in vessels. During the year ended December 31, 2020, the Company recorded non-cash impairment charges totaling million. The Company recorded partial impairments ($5.3 million) on the five-company owned liftboat vessels based on outside valuations of its remaining fleet. Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data. In addition, the Company impaired ($7.0 million) on two leased-in liftboat vessels that based on current market environment, were determined that neither of these two leased-in vessels would return to active service during their remaining lease terms. Additionally, one leased-in anchor-handling towing supply (“AHTS”) was impaired ($0.5 million), one specialty vessel was impaired ($1.2 million) and one hull that was included in construction in progress was impaired ($4.8 million). The Company’s other vessel classes and other individual vessels in active service and cold-stacked status, for which no impairment was deemed necessary, have generally experienced a less severe decline in utilization and rates per day worked based on specific market factors. The market factors include vessels with more general utility to a broad range of customers (e.g., FSVs), vessels required for customers to meet regulatory mandates and operating under multiple year contracts or vessels that service customers outside of the offshore oil and natural gas market. For vessel classes and individual vessels with indicators of impairment as of December 31, 2021, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices and the effect COVID-19 has had on the timing of an estimated market recovery in the offshore oil and natural gas markets and upon any such recovery, the timing and cost of reactivating cold-stacked vessels. If market conditions decline further, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and are deemed not recoverable through future operations, we determine the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers. Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. No impairment charges of investments in 50% or less owned companies were incurred for the years ended December 31, 2021, 2020 and 2019. Business Combinations. For acquisitions constituting a business acquisition, the Company recognizes 100% of the fair value of assets acquired, liabilities assumed, and noncontrolling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of income (loss) from the date of acquisition. If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition. The assets are measured based on their cost to the Company, including transaction costs. The acquisition cost is then allocated to the assets acquired based on their relative fair values ( see “Note 3 . Business Acquisitions ”). Debt Discount and Issue Costs . Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight-line method for revolving credit facilities and are included in interest expense in the accompanying consolidated statements of income (loss). Self-insurance Liabilities . The Company maintains marine hull, liability and war risk, general liability, workers compensation and other insurance customary in the industry in which it operates. Both the marine hull and liability policies have annual aggregate deductibles. Marine hull annual aggregate deductibles are accrued as claims are incurred while marine liability annual aggregate deductibles are accrued based on historical loss experience. Exposure to the health benefit plans are limited by maintaining stop-loss and aggregate liability coverage. To the extent that estimated self-insurance losses, including the accrual of annual aggregate deductibles, differ from actual losses realized, the Company’s insurance reserves could differ significantly and may result in either higher or lower insurance expense in future periods. Income Taxes . Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of income (loss). The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Global Intangible Low Taxed Income (“GILTI”) regime effectively imposes a minimum tax on worldwide foreign earnings and subjects U.S. shareholders of controlled foreign corporations (“CFCs”) to current taxation on certain income earned through a CFC. The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. SEACOR Marine was included in the consolidated U.S. federal income tax return of SEACOR Holdings Inc. (“SEACOR Holdings”) through 2016. SEACOR Holdings’ policy for allocation of U.S. federal income taxes required its domestic subsidiaries included in the consolidated U.S. federal income tax return to compute their provision for U.S. federal income taxes on a separate company basis and settle with SEACOR Holdings. In the normal course of business, the Company or SEACOR Holdings may be subject to challenges from tax authorities regarding the amount of taxes due for the Company. These challenges may alter the timing or amount of taxable income or deductions. As part of the calculation of income tax expense, the Company determines whether the benefits of its tax positions are at least more likely than not of being sustained based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained, the Company accrues the largest amount of the tax benefit that is more likely than not of being sustained. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of its tax benefits and actual results could vary materially from these estimates. On June 26, 2020, the Company entered into the Tax Refund Agreement with SEACOR Holdings (see “Note 17. Related Party Transactions”). Deferred Gains - Vessel Sale-Leaseback Transactions and Financed Vessel Sales . Prior to the implementation of ASC 842, the Company entered into vessel sale-leaseback transactions with finance companies or provided seller financing on sales of its vessels to third-parties or to 50% or less owned companies. A portion of the gains realized from these transactions was not immediately recognized in income but rather was recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. In sale-leaseback transactions, gains were deferred to the extent of the present value of future minimum lease payments and were amortized as reductions to rental expense over the applicable lease terms (see “Note 7. Leases”). When the Company determines that future cash inflows do not support future lease cash obligations, the Company records an impairment expense for the amount of the cash flow shortage of all future lease costs, costs to maintain the vessel to the end of |
Transformation, Facility Restru
Transformation, Facility Restructuring and Severance Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Transformation, Facility Restructuring and Severance Charges | 2. TRANSFORMATION, FACILITY RESTRUCTURING AND SEVERANCE CHARGES Due to the highly competitive nature of the Company’s business and the continuing losses incurred over the last few years, the Company reduced its overall cost structure and workforce to better align the Company with current activity levels. The transformation plan, which began in the third quarter of 2019 and extended through the third quarter of 2020 (the “Transformation Plan”), included a workforce reduction, organization restructuring, facility consolidations and other cost reduction measures and efficiency initiatives across the Company’s geographic regions. The Transformation Plan was completed during the third quarter of 2020. No material future costs related to these efforts are expected, but to the extent the Company identifies additional opportunities for further costs reductions beyond the Transformation Plan, these opportunities may give rise to restructuring charges. On a cumulative basis, the Company recognized $4.9 million in restructuring charges. During the year ended December 31, 2021, the Company did not recognize any restructuring charges and had no accrued liabilities associated with the Transformation Plan. In connection with the Transformation Plan, for the twelve months ended December 31, 2020, the Company recognized year-to-date restructuring and transformation charges of $1.2 million, The components of restructuring charges for the years ended December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total Transformation Plan Severance Charges $ 275 $ 185 $ 665 $ — $ 1,125 Other Charges 31 — 31 — 62 Total Charges $ 306 185 $ 696 — $ 1,187 December 31, 2019 United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total Transformation Plan Severance Charges $ 2,995 $ 200 $ 184 $ — $ 3,379 Other Charges 307 — 31 — 339 Total Charges $ 3,302 200 $ 215 — $ 3,718 The severance and other restructuring charges gave rise to certain liabilities primarily related to liabilities accrued as part of the Transformation Plan. As of December 31, 2020, all related liabilities associated with the Transformation Plan have been recognized. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Acquisitions | 3. BUSINESS ACQUISITIONS SEACOR OSV PARTNERS I LP., a Delaware limited partnership (“OSV Partners I”), was a joint venture that owned and operated five PSVs for which the Company acted as one of the general partners and also held a limited partnership interest in. On December 31, 2021, pursuant an agreement and plan of merger (the “Merger Agreement”) among SEACOR Marine Holdings Inc. (“SEACOR Marine”), SEACOR Offshore OSV LLC, a Delaware limited liability company and an indirect wholly-owned subsidiary of SEACOR Marine (“SEACOR Offshore OSV”) and OSV PARTNERS I, OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the merger (the “Merger”). In connection with the consummation of the Merger, the Company issued an aggregate of 1,567,935 shares of Common Stock, as follows: ( i ) 531,872 shares of Common Stock as consideration for the Merger paid to OSV Partners I’s limited partners (other than the Company and its subsidiaries), and (ii) 1,036,063 shares of Common Stock as payment to settle all amounts and other obligations outstanding under the Subordinated PIK Loan Agreement, dated September 28, 2018 (as amended on December 22, 2021, the “PIK Loan Agreement”) and paid to the former lenders thereunder (all of whom were limited partners of OSV Partners I). In connection with the Merger, SEACOR Marine and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of OSV Partners I’s third-party indebtedness outstanding under the amended and restated senior secured term loan credit facility agreement dated as of September 28, 2018 (as amended, restated, amended and restated or otherwise modified, the “OSV Credit Facility”), by and among OSV Partners I and lenders and other parties thereto. The OSV Credit Facility requires quarterly principal payments of $0.5 million. Interest accrues under the OSV Credit Facility at a rate of Term SOFR (as defined in the OSV Credit Facility) plus 4.68% plus Mandatory Costs (as defined in the OSV Credit Facility), if applicable. The OSV Credit Facility matures on December 31, 2023 and may be accelerated upon the occurrence of an event of default. As a result of the Merger, the five 201’, 1,900 tons deadweight capacity, PSVs owned by OSV Partners I are now 100% owned by the Company, bringing the Company’s owned PSV fleet to 20. Of the five PSVs previously owned by OSV Partners I, three are U.S. flagged and currently located in the Gulf of Mexico, and two are Marshall Island flagged and currently located in the Middle East. As of December 31, 2021, these five PSVs have an average age of seven years. In accordance with ASU No. 2017-01-Business Combinations (Topic 805): Clarifying the Definition of a Business, this acquisition was accounted for as an asset purchase. The allocation of the purchase price for the Company’s acquired assets and liabilities as of December 31 was as follows (in thousands): Assets Acquired (In Thousands): 2021 Current Assets $ 6,181 Fixed Assets 35,176 Current Liabilities (2,186 ) Long-Term Liabilities (15,962 ) Total Cost Basis for Purchase 23,209 Purchase Price (5,331 ) Acquisition costs (598 ) Equity Investment In OSV Partners (17,280 ) $ (23,209 ) On May 31, 2020, SEACOR Offshore Asia LLC (“SEACOR Offshore Asia”), an indirect wholly-owned subsidiary of SEACOR Marine, entered into a Sale and Purchase Agreement (“SEACOSCO SPA”) with China Shipping Fan Tai Limited, a company incorporated under the laws of the British Virgin Islands, and China Shipping Industry (Hong Kong) Co., Limited, a company incorporated under the laws of the Hong Kong Special Administrative Region (together, the “SEACOSCO Sellers”), pursuant to which SEACOR Offshore Asia agreed to acquire the 50% membership interest in SEACOSCO Offshore LLC (such remaining interest, the “SEACOSCO Interests”) held by the SEACOSCO Sellers that the Company did not already own. On June 30, 2020, SEACOR Offshore Asia completed the acquisition of the SEACOSCO Interests from the SEACOSCO Sellers (the “SEACOSCO Acquisition”). As a result of the completion of the acquisition, the Company owns 100% of the membership interests in SEACOSCO Offshore LLC. On July 14, 2020, the name of SEACOSCO Offshore LLC was changed to SEACOR Offshore Delta LLC (“SEACOR Offshore Delta”). The price payable by SEACOR Offshore Asia for the membership interests was $28.2 million (the “SEACOSCO Purchase Price”), $8.4 million of which was paid to the Sellers at the closing of the transaction, with annual installment payments of $1.0 million, $2.5 million and $2.5 million payable in the first, second and third year after the signing date (the “SEACOSCO SPA Signing Date”), respectively, and the remaining $13.7 million due four years after such signing date. The deferred portion of the SEACOSCO Purchase Price accrues interest at a fixed rate of 1.5%, 7.0%, 7.5% and 8.0% for the first through fourth years after the SEACOSCO SPA Signing Date, respectively. SEACOR Offshore Delta is the owner of eight PSVs built by COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. (the “COSCO (Guangdong) Shipyard” and such PSVs, the “SEACOR Delta PSVs”). The SEACOSCO Sellers obtained a second lien mortgage on the SEACOR Delta PSVs to secure the payment of the deferred portion of the SEACOSCO Purchase Price, and SEACOR Marine provided a limited deficiency guarantee solely with respect to the short-fall in vessel collateral value, if any, in the event the SEACOSCO Sellers exercise their remedies under the mortgages. The SEACOR Delta PSVs were initially acquired by vessel owning subsidiaries (“SEACOR Delta SPVs”) of SEACOR Offshore Delta pursuant to existing deferred purchase agreements with the COSCO (Guangdong) Shipyard (“Guangdong DPAs”) under which an aggregate of approximately $100.8 million was outstanding as of June 30, 2020 (the “SEACOR Delta Shipyard Financing”). As of December 31, 2021 and 2020, $86.3 million and $95.3 million, respectively, was outstanding. The Guangdong DPAs provide for amortization of the purchase price for each vessel over a period of 10 years from delivery bearing floating interest rate of three-month LIBOR plus 4.0%. SEACOR Offshore Delta has taken delivery of all eight SEACOR Delta PSVs, seven with a 2018 or 2019 year of build, and one with a 2020 year of build. The payment obligations of the SEACOR Delta SPVs under the Guangdong DPAs for each vessel is secured by a first lien mortgage on the vessel and a pledge of the SEACOR Delta SPV’s equity, and SEACOR Marine provided a limited deficiency guarantee solely with respect to the short-fall in vessel collateral value, if any, in the event the COSCO (Guangdong) Shipyard exercises its remedies under the mortgages. Purchase Price Allocation. The eight SEACOR Delta PSVs are all based on plans from the same designer, have a similar age of construction (2018-2020) and were constructed at the same shipyard. Two of the vessels are high specification diesel/electric powered PSVs. The other six vessels are all “sister” vessels with identical specifications. These six vessels are high specification diesel/electric/hybrid powered vessels. In accordance with ASU No. 2017-01-Business Combinations (Topic 805): Clarifying the Definition of a Business, this acquisition was accounted for as an asset purchase. The allocation of the purchase price for the Company’s acquired assets for the six months ended June 30 was as follows (in thousands): Assets Acquired (In Thousands): June 30, 2020 Current Assets $ 7,700 Fixed Assets 142,282 Current Liabilities (23,929 ) Book Value of Debt Acquired (100,759 ) Discount on Debt Acquired 25,190 Fair Value of Debt Acquired (75,569 ) Total Cost Basis for Purchase 50,484 Purchase Price (28,150 ) Acquisition costs (112 ) Equity Investment In SEACOR Offshore Delta (f/k/a SEACOSCO) (22,222 ) $ (50,484 ) |
Equipment Acquisitions and Disp
Equipment Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Equipment Acquisitions and Dispositions | 4. EQUIPMENT ACQUISITIONS AND DISPOSITIONS Equipment Additions. The Company’s capital expenditures and payments on equipment were $7.0 million, $20.8 million, and $44.8 million in 2021, 2020 and 2019, respectively. Deliveries of offshore support vessels for the years ended December 31 were as follows: 2021 (1) 2020 (2) 2019 (3) FSV — — 2 Supply 1 4 2 1 4 4 (1) Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). (2) Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). ( 3 ) Ex Equipment Dispositions. On January 12, 2021, a wholly-owned subsidiary of SEACOR Marine Holdings Inc. (the “Company”), completed the sale of the Company’s Windcat Workboats CTV business through the sale of 100% of the equity of Windcat Workboats, a wholly-owned subsidiary of the Company (“Windcat” and together with its subsidiaries, the “Windcat Group”), to CMB N.V. (the “Windcat Buyer”) pursuant to a Sale and Purchase Agreement entered into on December 18, 2020. At closing, the Windcat Buyer paid to the Company an aggregate purchase price of £32.8 million. After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately $42.6 million. The Windcat Buyer also assumed all of the approximately £20.4 million of debt outstanding under Windcat Workboat’s existing revolving credit facility. As of December 31, 2020, the Windcat Group owned a total of 41 CTVs and held interests in an additional five CTVs through its joint ventures, all of which were included in the sale. These vessels were classified as and included as Assets held for sale as of December 31, 2020. The Company recognized a gain on the sale of Windcat Workboats of approximately $22.8 million, calculated as follows: (In Thousands): January 12, 2021 Total Proceeds Received $ 43,797 Transactions Fees and other Costs 1,562 Cash Sold 3,520 Total Net Proceeds 38,715 Less: Net Equity in Windcat Workboats, net of cash sold 15,790 Less: January Income on Discontinued Operations 169 Gain on Sale of Windcat Workboats $ 22,756 During the year ended December 31, 2021, the Company sold one PSV, three FSVs and reduced $22.5 million of debt under the FGUSA Credit Facility (as defined and described in Note 8 Long-Term Debt) with hull and machinery insurance proceeds received in respect of the SEACOR Power of $25.0 million, for a total of $30.1 million in consideration and gains of $20.9 million. During the year ended December 31, 2020, the Company sold two AHTS vessels and one specialty vessel previously removed from service, four FSVs, one specialty vessels, one vessel under construction and other equipment for $21.6 million ($20.7 million cash and $0.9 million in previously received deposits) and gains of $1.2 million. For the year ended December 31, 2019, the Company completed the sale of its ERRV fleet business, which consisted of 18 vessels with a net book value of $23.4 million. The net proceeds from the sale of the ERRV fleet, including property and equipment, were approximately $27.4 million resulting in a net loss on dispositions of $9.1 million. Additional consideration of up to £4.0 million (equivalent to approximately $5.2 million based on the exchange rate at the time of the sale) may be payable to the Company based on revenue targets being achieved in 2021. The revenue targets were not achieved in 2021 or 2020 and as such no additional consideration payments were made. In addition to the sale of the North Sea ERRV fleet, for the year ended December 31, 2019, the Company sold one AHTS vessels, five Major equipment dispositions for the years ended December 31 were as follows: 2021 (1) 2020 (2) 2019 AHTS — 2 1 FSV 3 4 5 Supply 1 1 5 Liftboats 1 1 3 Specialty — 2 — 5 10 14 (1) Excludes four liftboats that were previously removed from service. (2) Excludes three vessels that were previously removed from service (two AHTS vessels and one specialty vessel). |
Investments, at Equity, and Adv
Investments, at Equity, and Advances to 50% or Less Owned Companies | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 5. Investments, at equity, and advances to 50% or less owned companies as of December 31 were as follows (in thousands): Ownership 2021 2020 MexMar 49.0 % $ 59,940 $ 50,037 OSV Partners ( 1) 30.4 % — 9,094 SEACOR Marlin 49.0 % 6,958 7,979 MEXMAR Offshore ( 2) 49.0 % — 1,960 Offshore Vessel Holdings 49.0 % 1,847 2,388 Other 20.0% — 50.0% 2,982 3,850 $ 71,727 $ 75,308 (1) The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. ( 2 ) This j oint v enture holds the investment in UP Offshore . The Company received a cash distribution in excess of its investment in MEXMOR Offshore during 2021. The distribution exceeded the investment value by $ 9.4 million and this amount was recognized as gain from return of investments in 50 % or less owned companies. On December 9, 2021, the Company sold their ownership in this joint venture to the majority shareholder. See details below. Combined Condensed Financial Information of Other Investees. Summarized financial information of the Company’s other investees, at equity, as of and for the years ended December 31 was as follows (in thousands): 2021 2020 Current assets $ 119,559 $ 109,687 Noncurrent assets 181,712 259,424 Current liabilities 93,304 109,074 Noncurrent liabilities 65,902 115,626 2021 2020 2019 Operating Revenues $ 156,579 $ 160,781 $ 136,690 Costs and Expenses: Operating and administrative 139,313 142,228 116,517 Depreciation 23,524 27,044 27,412 162,837 169,272 143,929 Loss on Asset Dispositions and Impairments, Net — — (166 ) Operating (Loss) Income $ (6,258 ) $ (8,491 ) $ (7,405 ) Net Income (Loss) $ 41,798 $ (18,229 ) $ (36,816 ) As of December 31, 2021, cumulative undistributed net earnings of all 50% or less owned companies included in the Company’s consolidated retained earnings were $38.7 million. MexMar. MexMar owns and operates 16 offshore support vessels in Mexico and manages three PSV’s and one FSV on behalf of OVH in Mexico. During the years ended December 31, 2021, 2020 and 2019, there were no returns of capital advances or distributions to shareholders and the Company charged $0.3 million of vessel management fees to MexMar. OSV Partners. On December 31, 2021, SEACOR Marine, SEACOR Offshore OSV and OSV Partners I entered into the Merger Agreement pursuant to which OSV Partners I merged with and into SEACOR Offshore OSV, with SEACOR Offshore OSV surviving the merger (see “Note 3. Business Acquisitions”) . The results of operations of OSV Partners are included in net income (loss) in the “Combined Condensed Financial Information of Other Investees” for the year ended December 31, 2021 for the period the entity was a 50% or less owned company. SEACOSCO. On May 31, 2020, SEACOR Offshore Asia, entered into the SEACOSCO SPA, pursuant to which SEACOR Offshore Asia agreed to acquire the SEACOSCO Interests held by the SEACOSCO Sellers that the Company did not already own. On June 30, 2020, SEACOR Offshore Asia completed the SEACOSCO Acquisition Business SEACOR Marlin. SEACOR Marlin LLC (“SEACOR Marlin”) owns the Seacor Marlin supply vessel. On September 13, 2018, the Company sold 51% of SEACOR Marlin to MEXMAR Offshore (MI) LLC, a wholly owned subsidiary of MexMar, for $8.0 million in cash, which generated a gain of $0.4 million. The Seacor Marlin supply vessel was pledged as collateral under the MexMar credit facility, for which the Company receives an annual collateral fee. MEXMAR Offshore – UP Offshore Sale Transaction . On June 1, 2021, MEXMAR Offshore International LLC (“MEXMAR Offshore”), a joint venture 49% owned by an indirect wholly-owned subsidiary of SEACOR Marine, and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”), UP Offshore (Bahamas) Ltd. (“UP Offshore”), a provider of offshore support vessel services to the energy industry in Brazil and a wholly owned subsidiary of MEXMAR Offshore, and certain of subsidiaries of UP Offshore, completed the sale of eight vessels and certain Brazilian entities to Oceanpact Servicos Maritimos S.A. and its subsidiary, OceanPact Netherlands B.V., for a total purchase price of $30.2 million (the “UP Offshore Sale Transaction”). The UP Offshore Sale Transaction resulted in an equity earnings gain from 50% or less owned companies of $2.6 million. MEXMAR Offshore – Distribution and Winddown . On July 23, 2021, the Company received a distribution from MEXMAR Offshore in connection with the UP Offshore Sale Transaction in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The excess was recorded by the Company in the third quarter as a gain from return of investments in 50% or less owned companies. After giving effect to the UP Offshore Sale Transaction, MEXMAR Offshore, indirectly through certain subsidiaries of UP Offshore, retained ownership of three vessels. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these vessels was transferred from subsidiaries of UP Offshore to OVH on October 26, 2021, and the remaining vessel was transferred from a subsidiary of UP Offshore to OVH on November 2, 2021. Upon completion of these transactions, MEXMAR Offshore no longer held income producing assets and as a result, on December 9, 2021, the Company transferred its 49% interest in MEXMAR Offshore to a subsidiary of CME for nominal consideration and a transaction fee of $0.2 million. As of December 31, 2021, the Company does not have any ownership interest in MEXMAR Offshore. Offshore Vessel Holdings (“OVH”). On December 28, 2018, the Company invested $4.9 million for a 49% interest in OVH. The remaining 51% is owned by a subsidiary of CME. OVH invests in offshore assets and charters marine equipment. During the year ended December 31, 2019 OVH loaned $10.0 million to Operadora Productora y Exploradora Mexicana S.A. de C.V., a drilling company in Mexico and affiliate of CME which owns and operates two jackup drilling rigs (“OPEM”), chartered-in three PSV’s from UP Offshore (a subsidiary of MEXMAR Offshore) and purchased one FSV from the Company for $2.4 million through a seller’s finance agreement. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these PSVs was transferred from UP Offshore to OVH on October 26, 2021, and the remaining PSV was transferred from UP Offshore to OVH on November 2, 2021. On December 10, 2021, OVH and OPEM settled the $10.0 million loan in exchange for OPEM making an early repayment of $10.5 million, reflecting repayment of the principal amount in full and a prepayment discount and forgiveness of approximately $4.1 million of accrued interest. The Company charged $1.0 million of management fees to OVH for the year ended 2021. Other. The Company’s other 50% or less owned companies own and operate no vessels. During the years ended December 31, 2021 and 2020, the Company received dividends of $2.0 million and $2.1 million from these 50% or less owned companies, respectively. During the year ended December 31, 2019, the Company received dividends of $2.1 million and $0.5 million of return capital from these 50% or less owned companies. During the years ended December 31, 2021 and 2020, no vessel management fees were received from these 50% or less owned companies. In the year ended December 31, 2019, the Company received less than $0.1 million. |
Construction Reserve Funds
Construction Reserve Funds | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash And Investments [Abstract] | |
Construction Reserve Funds | 6. The Company has established, pursuant to Section 511 of the Merchant Marine Act, 1936, as amended, construction reserve fund accounts subject to agreements with the Maritime Administration (“MARAD”). In accordance with this statute, the Company is permitted to deposit proceeds from the sale of certain vessels into the construction reserve fund accounts and defer the taxable gains realized from the sale of those vessels. Qualified withdrawals from the construction reserve fund accounts are only permitted for the purpose of acquiring qualified U.S.-flag vessels as defined in the statute and approved by MARAD. To the extent that sales proceeds are reinvested in replacement vessels, the carryover depreciable tax basis of the vessels originally sold is attributed to the U.S.-flag vessels acquired using such qualified withdrawals. The construction reserve funds must be committed for expenditure within three years of the date of sale of the equipment, subject to two one-year As of December 31, 2021, the Company had no balance in short-term construction reserve funds included in cash and cash equivalents. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. LEASES On February 25, 2016, the FASB issued a comprehensive new leasing standard, ASC 842, Leases, meant to improve transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company adopted the standard on January 1, 2019 and applied the transition provisions of the standard with recognition of a cumulative-effect adjustment to the opening balance of retained earnings. The adoption of the standard had a material impact on the Company’s consolidated financial position, results of operations and cash flows. The adjustment to the Company’s balance sheet on January 1, 2019 included the addition of $33.7 million of right-of-use assets, $31.9 million in lease liability, and a cumulative-effect adjustment to the opening balance of retained earnings of $1.7 million for certain of its equipment, office and land leases. In addition, unamortized deferred gains for four vessels previously accounted for under sale-leaseback arrangements of $8.7 million, ($11.0 million deferred gains net of $2.3 million deferred taxes), were fully recognized as an adjustment to the opening balance of retained earnings. The Company assesses at contract inception whether a contract is, or contains, a lease, defined as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. As of December 31, 2021, the Company leased-in two AHTS vessels and certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of December 31, 2021, the remaining lease terms of the vessels had a remaining duration of three to 23 months. The lease terms of certain facilities and other equipment range in duration from 11 to 300 months. As of December 31, 2021, future minimum payments for leases for the years ended December 31 were as follows (in thousands): Operating Leases Finance Leases 2022 $ 2,232 $ 36 2023 1,561 36 2024 451 37 2025 515 6 2026 459 — Years subsequent to 2026 3,614 — 8,832 115 Interest component (1,961 ) (6 ) 6,871 109 Current portion of long-term lease liabilities 1,986 33 Long-term lease liabilities $ 4,885 $ 76 For the years ended December 31, the components of lease expense were as follows (in thousands): 2021 2020 Operating lease cost $ 5,174 $ 6,205 Finance lease cost: Amortization of finance lease asset (1) 28 11 Interest on lease liabilities (2) 3 1 Short-term lease costs 911 1,320 $ 6,116 $ 7,537 (1) Included in amortization costs in the consolidated statements of income (loss). (2) Included in interest expense in the consolidated statements of income (loss). For the year ended December 31, 2021, supplemental cashflow information related to leases were as follows (in thousands): 2021 Operating cash flows from operating leases $ (7,456 ) Financing cash outflows from finance leases (30 ) Right-of-use assets obtained for operating lease liabilities 3,582 Right-of-use assets obtained for finance lease liabilities — For the year ended December 31, 2021, other information related to leases were as follows: 2021 Weighted average remaining lease term, in years - operating leases 10.4 Weighted average remaining lease term, in years - finance leases 3.2 Weighted average discount rate - operating leases 5.3 % Weighted average discount - finance leases 4.0 % The Company recorded no impairment losses for the leased offshore support vessels for the year ended December 31, 2021. The Company recorded impairment losses of $5.9 million for two such leases in the year ended December 31, 2020, and $5.3 million for one such lease in the year ended December 31, 2019. |
Long Term Debt
Long Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 8. The Company’s long-term debt obligations as of December 31 were as follows (in thousands): 2021 2020 Recourse long-term debt ( 1) Convertible Senior Notes $ 125,000 $ 125,000 SEACOR Marine Foreign Holdings Credit Facility 86,470 100,750 Sea-Cat Crewzer III Term Loan Facility 19,178 21,653 SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt 18,705 19,705 SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing ( 2) 86,316 95,317 SEACOR Alpine Shipyard Financing ( 3) 29,734 31,103 SEACOR 88/888 Term Loan 5,500 5,500 Tarahumara Shipyard Financing 6,500 — SEACOR Offshore OSV 18,052 — Total recourse long-term debt 395,455 399,028 Non-recourse long-term debt ( 4) Falcon Global USA Term Loan Facility — 102,349 Falcon Global USA Revolver — 15,000 SEACOR 88/888 Term Loan 5,500 5,500 Total non-recourse long-term debt 5,500 122,849 Total principal due for long-term debt 400,955 521,877 Current portion due within one year (31,602 ) (32,377 ) Unamortized debt discount (33,398 ) (44,864 ) Deferred financing costs (3,193 ) (4,126 ) Long-term debt, less current portion $ 332,762 $ 440,510 Long-term debt related to Asset Held-for-Sale Windcat Workboats Facilities $ — $ 27,626 (1) Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements. (2) SEACOR Delta Shipyard Financing includes vessel financing on the eight vessels acquired in the SEACOSCO Acquisition (see “Note 3. Business Acquisitions ”). (3) SEACOR Alpine Shipyard Financing includes vessel financing on the SEACOR Alps, the SEACOR Andes and the SEACOR Atlas vessels. (4) Non-recourse debt represents debt issued by the Company’s Consolidated Subsidiaries with no recourse to SEACOR Marine or its other non-debtor operating subsidiaries with respect to the applicable instrument , other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition. The Company’s contractual long-term debt maturities from continuing operations for the years ended December 31 were as follows (in thousands): 2022 $ 31,602 2023 252,247 2024 44,334 2025 12,629 2026 11,365 Years subsequent to 2026 48,778 $ 400,955 As of December 31, 2021, the Company is in compliance with all debt covenants and lender requirements. SEACOR Offshore OSV. In connection with the Merger, completed on December 31, 2021, the Company and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of OSV Partners I’s third-party indebtedness outstanding under the OSV Credit Facility which requires quarterly principal payments of $0.5 million. Interest accrues under the OSV Credit Facility at a rate of Term SOFR (as defined in the Credit Facility) plus 4.68% plus Mandatory Costs (as defined in the OSV Credit Facility), if applicable. The OSV Credit Facility matures on December 31, 2023 and may be accelerated upon the occurrence of an event of default. Tarahumara Shipyard Financing. On July 9, 2021, SEACOR Marine LLC (“SMLLC”), an indirect subsidiary of SEACOR Marine, took delivery of the vessel named SEACOR Tarahumara, a 2021 new-build 221’ PSV. Effective upon such delivery and as partial consideration for the acquisition of the vessel, SMLLC entered into a loan agreement with Master Boat Builders, Inc. with respect to a term loan in the amount $6.5 million. This term loan matures in 2025 with interest-only payments for the first year, with the loan fully amortizing on a straight-line basis over the remaining term. The term loan bears interest at a fixed rate of 6% and is secured by a first lien mortgage on the vessel. SMLLC is the sole borrower under the loan agreement (the “Tarahumara Shipyard Financing”). Falcon Global. On June 10, 2021, SEACOR Marine, Falcon Global USA LLC, an indirect subsidiary of SEACOR Marine (“FGUSA”), and certain subsidiaries of FGUSA, entered into a Second Amendment and Conditional Payoff Agreement (the “Conditional Payoff Agreement”) in respect of that certain (i) term and revolving loan facility, dated as of February 8, 2018, administered by JPMorgan Chase Bank, N.A. (as amended, the “FGUSA Credit Facility”) and (ii) obligation guaranty issued by SEACOR Marine, dated February 8, 2018, pursuant to which SEACOR Marine provided a guarantee of certain limited obligations of FGUSA under the FGUSA Credit Facility (as amended, the “FGUSA Obligation Guaranty”). Under the terms of the Conditional Payoff Agreement, the $117.3 million of principal outstanding under the FGUSA Credit Facility was deemed satisfied in full following the payment to the lenders of a total of $50.0 million comprised of (i) $25.0 million paid by the Company at the signing of the Conditional Payoff Agreement, (ii) $22.5 million of hull and machinery insurance proceeds received by the lenders on June 18, 2021 in respect of the SEACOR Power and (iii) $2.5 million paid by the Company on June 24, 2021 (the $2.5 million was subsequently reimbursed to the Company on June 29, 2021 from hull and machinery insurance proceeds). All payments required for the extinguishment of the debt pursuant to the Conditional Payoff Agreement were made during the second quarter of 2021. Following the final payment on June 24, 2021, the FGUSA Credit Facility terminated, and the mortgages and security arrangements were released with respect to the nine liftboats securing the obligations under the FGUSA Credit Facility. On June 24, 2021, the Company recognized a gain on transactions under the Conditional Payoff Agreement of approximately $62.0 million, calculated as follows: (In Thousands): June 24, 2021 Falcon Global USA Term Loan Facility $ 102,349 Falcon Global USA Revolver 15,000 Unamortized debt discount (4,600 ) Current Liabilities 112,749 Transaction Fees (755 ) Cash Paid (27,500 ) Hull and Machinery Insurance Proceeds (22,500 ) Gain on Troubled Debt Restructuring $ 61,994 As of December 31, 2021, the gain on troubled debt restructuring resulted in an increase of basic and diluted earnings per share of $2.44 and $2.43, respectively. SEACOR Alpine. In 2019, the Company committed to take possession of three Rolls Royce UT1771 CDL designed diesel electric powered PSVs of 3,800 tons delivered deadweight capacity with dynamic position class 2 and firefighting class 1 notations. As part of this transaction, the shipbuilder, COSCO Shipping Heavy Industry (Zhoushan) Co. Ltd., agreed to finance 70% of the cost of each of these vessels pursuant to a deferred payment agreement. The deferred payment agreement calls for increasing quarterly payments of principal and interest payments that bear interest at an annual rate of 5% over a four-year Windcat Workboats. On March 3, 2020, Windcat Workboats, together with certain other obligors that are its subsidiaries entered into an agreement (the “RCF Amendment”) with Coöperatieve Rabobank U.A. to amend the €25 million revolving credit facility agreement, originally dated as of May 24, 2016, as amended and restated from time to time. Amended provisions included, among other things, the extension of the maturity date from December 31, 2021 to December 31, 2022. Applicable fees in the amount of € 0.1 million were paid in conjunction with the RCF Amendment and will be amortized over the credit facility term. During the year ended December 31, 2020, the Company borrowed an additional € 1.0 million under the Windcat Workboats credit facilities, resulting in a net increase in USD borrowings of $1.1 million. On December 18, 2020, the Company announced the sale of Windcat Workboats , which was completed on January 12, 2021 . Upon completion of the sale, the Windcat Buyer assumed all financial obligations related to Windcat Workboats . The long-term debt obligations as of December 31, 2020 were classified as liabilities associated with assets held for sale. SEACOR Offshore Delta (f/k/a SEACOSCO). On June 30, 2020, the Company completed the acquisition of the SEACOSCO Interests that it did not already own. The deferred portion of the SEACOSCO Purchase Price is payable in annual installment payments of $1.0 million, $2.5 million and $2.5 million in the first, second and third year after the SEACOSCO SPA Signing Date, respectively, with the remaining $13.7 million due four years after such date. The deferred portion of the SEACOSCO Purchase Price accrues interest at a fixed rate of 1.5%, 7.0%, 7.5% and 8.0% for the first through fourth years after the signing date, respectively. The Guangdong DPAs comprising the SEACOR Delta Shipyard Financing provide for amortization of the purchase price for each vessel over a period of 10 years from delivery with the unpaid amount bearing floating interest rate of three-month LIBOR plus 4.0% (see “Note 3. Business Acquisitions”). SEACOR Marine Foreign Holdings. On September 26, 2018, SEACOR Marine Foreign Holdings Inc. (“SMFH”), a wholly-owned subsidiary of the Company, entered into a $130.0 million loan facility with a syndicate of lenders administered by DNB Bank ASA (as amended from time to time, the “SMFH Loan Facility”). Subject to Amendment No. 1, Amendment No. 2, Amendment No. 3 and the Letter Agreement described below, SMFH’s obligations pursuant to the SMFH Loan Facility were initially secured by mortgages on 20 vessels owned by the Company’s vessel owning subsidiaries as well as an assignment of earnings from those subsidiaries. The loan matures in 2023 and bears interest at a variable rate based on LIBOR (currently 3.9%). The obligations of SMFH under the SMFH Loan Facility are guaranteed by SEACOR Marine (the “SMFH Loan Facility Guaranty”). The proceeds from the SMFH Loan Facility were used to pay off all obligations under other credit facilities of subsidiaries of the Company (Falcon Global International Term Loan Facility, Sea-Cat Crewzer II Term Loan Facility, Sea-Cat Crewzer Term Loan Facility and C-Lift Acquisition Notes totaling $101.3 million, consisting of $99.9 million principal and $1.4 million accrued interest), resulting in a net increase in term debt of $30.1 million. Principal payments of $3.3 million per quarter under the SMFH Loan Facility began in December 2018. As a result of this transaction, the Company recognized a loss of $0.6 million upon the extinguishment of debt. In October 2018, the Company entered into an interest rate swap agreement on the notional value at inception of $65.0 million related to this debt (see “Note 10. Derivative Instruments and Hedging Strategies”). The SMFH Loan Facility provides for customary events of default and has customary affirmative and negative covenants for transactions of this type that are applicable to SEACOR Marine, SMFH and its subsidiaries. On August 6, 2019, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 1 to the SMFH Loan Facility and SMFH Loan Facility Guaranty (the “Amendment No. 1”), which provided for, among other things, (i) the release of one vessel from a mortgage securing the SMFH Loan Facility and the substitution of mortgages over two other vessels owned by vessel-owning subsidiaries of SEACOR Marine, and (ii) the modification of certain financial maintenance and restrictive covenants contained in the SMFH Loan Facility or the SMFH Loan Facility Guaranty, including with respect to asset maintenance, vessel collateral releases, EBTIDA coverage ratios and the payment of dividends and distributions. On November 26, 2019, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 2 to the SMFH Loan Facility, as amended (the “Amendment No. 2”), which provided for, among other things, (i) the release of six vessels from mortgages securing the SMFH Loan Facility and the substitution of mortgages over three other vessels owned by vessel-owning subsidiaries of SEACOR Marine and (ii) the bareboat registration in Nigeria of a vessel subject to a mortgage securing the SMFH Loan Facility. On June 29, 2020, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 3 to the SMFH Loan Facility, as amended (the “Amendment No. 3”), which provides for, among other things, (i) the modification of certain financial maintenance and restrictive covenants contained in the SMFH Loan Facility or the guaranty provided by SEACOR Marine with respect thereto, including with respect to EBITDA coverage ratios, mandatory prepayment events, and the exclusion of certain indebtedness associated with the acquisition of the SEACOSCO Interests, and (ii) the placement of mortgages on two additional vessels owned by vessel-owning subsidiaries of SEACOR Marine as security for the indebtedness under the SMFH Loan Facility. On December 18, 2020, SEACOR Marine, SMFH and DNB Bank ASA, New York Branch, as facility agent on behalf of the lenders under the SMFH Loan Facility, and , entered into a letter agreement (the “Letter Agreement”) pursuant to which an estimated $31.2 million tax refund receivable from the IRS under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which was to be treated as cash or cash equivalents, for the period up to and including January 31, 2021, for purposes of calculating the Company’s cash or cash equivalent balances required under the . Convertible Senior Notes. On December 1, 2015, the Company issued $175.0 million in aggregate principal amount of its Convertible Senior Notes (the “Convertible Senior Notes”), at an interest rate of 3.75%, initially due December 1, 2022, (subsequently amended to December 2, 2023 as described below) to investment funds managed and controlled by the Carlyle Group (collectively “Carlyle”). The Convertible Senior Notes are convertible into shares of Common Stock at a conversion rate of 23.26 shares per $1,000 in principal amount of such notes, subject to certain conditions, or, into warrants to purchase an equal number of shares of Common Stock at an exercise price of $0.01 per share in order to facilitate the Company’s compliance with the provisions of the Jones Act. The indenture governing the Convertible Senior Notes contains customary events of default with respect to the Convertible Senior Notes. The On May 2, 2018, the Company and Carlyle entered into an exchange transaction (the “Exchange”) pursuant to which Carlyle exchanged $50 million in principal amount of the Convertible Senior Notes for Warrants to purchase 1,886,792 shares of Common Stock (to facilitate compliance with the provisions of the Jones Act) at an exercise price of $0.01 per share, subject to adjustments (the “Carlyle Warrants”), representing an implied exchange rate of approximately 37.73 shares per $1,000 in principal amount of the Convertible Senior Notes (equivalent to an exchange price of $26.50 per share). The Carlyle Warrants have a 25-year term, which commenced May 2, 2018. The Company and Carlyle also amended the $125.0 million in principal amount of Convertible Senior Notes that remained outstanding following the Exchange to (i) increase the interest rate from 3.75% per annum to 4.25% per annum and (ii) extend the maturity date of the Convertible Senior Notes by 12 months to December 1, 2023. Interest on the Convertible Senior Notes is payable semi-annually on June 15 and December 15 of each year. Sea-Cat Crewzer III Term Loan Facility. On April 21, 2016, Sea-Cat Crewzer III LLC (“Sea-Cat Crewzer III”) entered into a €27.6 million term loan facility (payable in U.S. dollars) secured by the vessel owned by Sea-Cat Crewzer III and fully guaranteed by SEACOR Marine (the “Sea-Cat Crewzer III Loan Facility”). Borrowings under the facility bear interest at a Commercial Interest Reference Rate, currently 2.76%. During the years ended December 31, 2017 and 2016, Sea-Cat Crewzer III drew $7.1 million and $22.8 million, respectively, under the facility and incurred issue costs of $2.7 million in 2016 related to this facility. During the years ended December 31, 2018 Sea-Cat Crewzer III made scheduled payments of $3.1 million, related to this facility. On December 26, 2019, Sea-Cat Crewzer III, SEACOR Marine, Banco Santander S.A. (as mandated lead arranger and agent), and Santander Bank, N.A. (as lender) entered into Amendment No. 1 to the Sea-Cat Crewzer III Loan Facility, which provided for, among other things, an increase to the maximum debt to capitalization ratio required to be maintained thereunder. On December 24, 2020, Sea-Cat Crewzer III, SEACOR Marine, Banco Santander S.A. (as mandated lead arranger and agent), and Santander Bank, N.A. (as lender) entered into Amendment No. 2 to the Sea-Cat Crewzer III Loan Facility, which provided for, among other things, a waiver of the covenant breaches related to maximum debt to capitalization ratio and the exclusion of certain obligations of the guarantor from the guarantor’s net financial debt for purposes of calculating the guarantor’s permitted net financial debt to equity. The original loan agreement did not expressly exclude certain obligation of the guarantor, including but not limited to non-recourse obligations. This amendment allows Sea-Cat Crewzer III to be in compliance with its debt agreements. SEACOR 88/888. On July 5, 2018, a wholly owned subsidiary of SEACOR Marine entered into a new term loan of $11.0 million and used the funds to acquire two vessels, the SEACOR 88 and SEACOR 888, that were previously managed (but not owned) by the Company. The term loan matures in 2023, bears interest at a variable rate (currently 3.75%) and is secured by the two vessels. SEACOR Marine provided a limited guaranty of such loan under which claims recoverable from SEACOR Marine shall not exceed the lesser of (x) $5.5 million and (y) 50% of the obligations outstanding at the time a claim is made thereunder. In October 2018, the Company entered into an interest rate swap agreement on the notional value at inception of $5.5 million related to this loan (see “Note 10. Derivative Instruments and Hedging Strategies”) . Letters of Credit. As of December 31, 2021, the Company had outstanding letters of credit totaling $1.2 million securing lease obligations, labor and performance guarantees. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted into law in response to the COVID-19 pandemic. The CARES Act lifts certain deduction limitations originally imposed by the 2017 Tax Act. Under the CARES Act, corporate taxpayers may carry back NOLs realized during 2018 through 2020 for up to five years. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018 through 2020, and increased the deductible interest expense limit, as discussed in further detail below. On June 26, 2020, the Company entered into a Tax Refund and Indemnification Agreement (the “Tax Refund Agreement”) with SEACOR Holdings Inc. (“SEACOR Holdings”), the Company’s former parent company (see “Note 17. Related Party Transactions”). due in part to the COVID-19 pandemic SEACOR Holdings retained certain of the funds to facilitate tax savings realized by SEACOR Holdings of no less than 35% of the amount of its own 2019 NOLs. Additionally, a $3.0 million transaction fee was paid to SEACOR Holdings concurrently with the signing of the agreement as consideration for its cooperation in connection with the filing of the applicable tax refund returns. The Tax Refund Agreement did not restrict the use of approximately $23.1 million of the refund and required the remaining approximately $8.1 million required to be deposited into an account to be used solely to satisfy certain of the Company’s obligations that remained guaranteed by SEACOR Holdings. As of December 31, 2021, the Company has applied all of the amount deposited to satisfy these obligations in full. Income (loss) before income tax benefit and equity in earnings (losses) of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31 were as follows (in thousands): 2021 2020 2019 United States $ 34,955 $ (83,560 ) $ (71,833 ) Foreign (29,425 ) (17,748 ) (23,663 ) Eliminations 1,097 3,201 11,022 $ 6,627 $ (98,107 ) $ (84,474 ) The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands): 2021 2020 2019 Current: Federal $ — $ (30,838 ) $ (6 ) State 271 123 (78 ) Foreign 6,362 5,533 5,005 6,633 (25,182 ) 4,921 Deferred: Federal 4,892 2,435 (12,594 ) State (32 ) (139 ) (224 ) Foreign — (38 ) (72 ) 4,860 2,258 (12,890 ) $ 11,493 $ (22,924 ) $ (7,969 ) For the year ending December 31, 2020 For the year ending December 31, 2019, the Company recorded a return to provision adjustment related to losses from a consolidated joint venture for the 2018 tax year. The resulting additional liability of $2.3 million was recorded in the Company’s financial statements during the third quarter of 2019. The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31: 2021 2020 2019 Statutory rate 21.0 % (21.0 )% (21.0 )% Exclusion of foreign subsidiaries with current year losses and withholding tax 141.6 % 7.7 % 7.4 % U.S. federal income tax law changes — % (11.8 )% — % Non-Deductible Expenses 0.4 % — % — % JV equity earnings 3.8 % (0.3 )% — % Noncontrolling interests — % 1.3 % 1.7 % Return to provision 0.4 % (0.4 )% 2.8 % State Taxes 2.7 % (0.1 )% (0.3 )% Subpart F Income 2.0 % 0.3 % — % Share Award Plans 1.5 % 0.3 % — % Other — % 0.6 % — % Effective Tax Rate 173.4 % (23.4 )% (9.4 )% For the year ending December 31, 2021, the Company’s effective income tax rate of 173.4% was primarily due to foreign taxes not creditable against U.S. income taxes and foreign subsidiaries with current losses for which there is no current or future federal income tax benefit. For the year ending December 31, 2020, the Company’s effective income tax rate of 23.4% was primarily due to the effect of the NOL carrybacks pursuant to the CARES Act, foreign subsidiaries with current losses for which there is no federal income tax benefit, foreign taxes not creditable against U.S. income taxes, and taxes on income attributable to noncontrolling interests. For the year ending December 31, 2019, the Company’s effective income tax rate of 9.4% was lower than the statutory tax rate of 21% primarily due to foreign subsidiaries with current losses for which there is no federal income tax benefit, foreign taxes not creditable against U.S. income taxes, and noncontrolling interests. The components of net deferred income tax liabilities as of December 31 were as follows (in thousands): 2021 2020 Deferred tax liabilities: Property and equipment $ 63,802 $ 58,676 Investments in 50% or Less Owned Companies — 2,925 Other 3,459 4,819 Total deferred tax liabilities 67,261 66,420 Deferred tax assets: Federal Net Operating Loss Carryforwards 20,312 23,061 Other 8,803 10,073 29,115 33,134 Valuation Allowance (2,536 ) (2,536 ) Total deferred tax assets 26,579 30,598 Net deferred tax liabilities $ 40,682 $ 35,822 The Section 163(j) interest deduction limitations were amended to limit the ability of the Company to deduct net interest expense to 30% of adjusted taxable income. The CARES Act modified the computation for 2020 to increase the limit to 50% of adjusted taxable income and to allow a deduction for 50% of partnership excess business interest from 2019. For the year ended December 31, 2021 $4.6 million of previously suspended interest was deductible. For the year ended December 31, 2020, $4.4 million of interest expense was suspended and $3.3 million of 2019 suspended interest was deductible. Future utilization of NOL’s arising in tax years after December 31, 2017 are limited to 80% of taxable income and are allowed to be carried forward indefinitely. The CARES Act allowed a five-year carryback of NOL’s generated in 2018, 2019 and 2020. The 2018 and 2019 NOLs were eligible to be carried back pursuant to the CARES Act. As of December 31, 2021, the Company has $24.3 million of net operating losses generated prior to December 31, 2017 and $72.4 million of net operating losses generated after 2017. Net operating losses generated in 2017 may be carried forward 20 years (expiring in 2037). The post 2017 NOLs will be carried forward indefinitely with no expiration period but its utilization will be subject to an annual 80% of taxable income limitation. As of December 31, 2021, the Company's valuation allowance of $2.5 million related primarily to foreign tax credit carryforwards which the Company expects to expire unutilized and Louisiana state net operating loss carryforwards. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Strategies | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Strategies | 10. 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 December 31 were as follows (in thousands): 2021 2020 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ — $ 1,831 $ — $ 3,698 — 1,831 — 3,698 Derivatives not designated as hedging instruments: Forward Exchange Contract — — — 893 Conversion option liability on Convertible Senior Notes — — — 2 $ — $ — $ — $ 895 Economic Hedges. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond twelve to eighteen months. During the year ended December 31, 2021, the Company recognized gains of $0.4 million on these contracts which were recognized concurrently in earnings and as of December 31, 2021, the Company no longer has open forward currency exchange contracts. During the year ended December 31, 2020, the Company recognized losses of $0.9 million on these contracts which were recognized concurrently in earnings and included in derivative liabilities in the accompanying consolidated balance sheets. Cash Flow Hedges. The Company and certain of its 50% or less owned companies have interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company and its 50% or less owned companies have converted the variable LIBOR component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized gains on derivative instruments designated as cash flow hedges of $2.3 million for the year ended December 31, 2021, losses of $0.7 million for the year ended December 31, 2020 and losses of $1.3 million for the year ended December 31, 2019 as a component of other comprehensive income (loss). As of December 31, 2021, the interest rate swaps held by the Company and certain of the Company’s 50% or less owned companies were as follows: • SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.32% per annum on the amortized notional value of $6.8 million and receive a variable interest rate based on LIBOR on the amortized notional value; • SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.195% per annum on the amortized notional value of $37.5 million and receive a variable interest rate based on LIBOR on the amortized notional value; • SEACOR 88/888 have an interest rate swap agreement maturing in 2023 that calls for SEACOR 88/888 to pay a fixed rate of interest of 3.175% per annum on the amortized notional value of $5.5 million and receive a variable interest rate based on LIBOR on the amortized notional value; and • MexMar, in which the Company has a 49% noncontrolling interest, has five interest rate swap agreements with maturities in 2023 that call for MexMar to pay fixed rates of interest ranging from 1.71% to 2.10% per annum on the aggregate amortized notional value of $58.1 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. Derivative Instruments. The Company utilizes derivative instruments to manage the volatility of cash flows due to fluctuating interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes. If a derivative qualifies for hedge accounting and is designated as a cash flow hedge, the effective portion of the change in fair value of the derivative is deferred in Accumulated Other Comprehensive Income (“AOCI”), a component of owners’ equity, and reclassified to earnings when the forecasted transaction occurs. Cash flows from a derivative instrument designated as a hedge are classified in the same category as the cash flows from the item being hedged. As such, we include the cash flows from interest rate derivative instruments in interest expense. If a derivative does not qualify as a hedge or is not designated as a hedge, the gain or loss resulting from the change in fair value on the derivative is recognized currently in earnings as a component of other income (expense). We formally document all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge, and on an ongoing basis, we assess whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. The relationship between the hedging instrument and the hedged item must be highly effective in achieving the offset of changes in cash flows attributable to the hedged risk both at the inception of the contract and on an ongoing basis. We measure hedge ineffectiveness on a quarterly basis and reclassify any ineffective portion of the gain or loss related to the change in fair value to earnings in the current period. We will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated or ceases to be highly effective. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is no longer probable that a hedged forecasted transaction will occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately. For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract-by-contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive loss in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in equity in earnings (losses) of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss). The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net liability of $1.8 million as of December 31, 2021. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was $0.2 million at December 31, 2021. The following tables reflect amounts recorded in Other Comprehensive Income (Loss) (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: Gains (Losses) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Interest rate swap contracts $ 219 $ (2,139 ) $ (1,901 ) Joint venture interest rate swap contracts (588 ) (156 ) (645 ) Losses Reclassified from OCI into Income (Effective Portion) Location of Loss 2021 2020 2019 Interest expense $ 1,648 $ 1,425 $ 552 Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the years ended December 31 as follows (in thousands): Derivative gains (losses), net 2021 2020 2019 Conversion option liability on Convertible Senior Notes $ 2 $ 5,203 $ 71 Forward currency exchange, option and future contracts 390 (893 ) — $ 392 $ 4,310 $ 71 The conversion option liability relates to the bifurcated embedded conversion option in the Convertible Senior Notes issued to investment funds managed and controlled by Carlyle (see “Note 8. Long-Term Debt”). The forward currency exchange contract relates to £31.5 million swap related to the proceeds received from the sale of Windcat Workboats (see “Note 4. Equipment Acquisitions and Dispositions”) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. 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 levels of inputs that may be used to measure fair value. Level 1 Level 2 Level 1 Level 3 The Company’s financial assets and liabilities as of December 31 that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 2021 LIABILITIES Derivative instruments $ — $ 1,831 $ — 2020 LIABILITIES Derivative instruments $ — $ 4,591 $ — Conversion Option Liability on Convertible Senior Notes — — 2 Level 3 Measurement. The fair value of the conversion option liability embedded in the Convertible Senior Notes is estimated with significant inputs that are both observable and unobservable in the market and therefore is considered a Level 3 fair value measurement. The Company used a binomial lattice model that assumes the holders will maximize their value by finding the optimal decision between redeeming at the redemption price or converting into shares of Common Stock. This model estimates the fair value of the conversion option as the differential in the fair value of the notes including the conversion option compared with the fair value of the notes excluding the conversion option. The significant observable inputs used in the fair value measurement include the price of Common Stock and the risk-free interest rate. The significant unobservable inputs are the estimated Company credit spread and Common Stock volatility, which were based on comparable companies in the transportation and energy industries. The estimated fair values of the Company’s other financial assets and liabilities as of December 31 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 2021 ASSETS Cash, cash equivalents and restricted cash $ 41,220 $ 41,220 $ — $ — LIABILITIES Long-term debt, including current portion 364,364 — 372,992 — 2020 ASSETS Cash, cash equivalents and restricted cash $ 36,018 $ 36,018 $ — $ — LIABILITIES Long-term debt, including current portion 472,887 — 470,561 — 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. Considerable judgment was required in developing certain of the estimates of fair value including the consideration of the COVID-19 pandemic that has caused significant volatility in the U.S. and international markets, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Property and equipment. During the year ended December 31, 2021, the Company recognized no impairment charges and none of the Company’s property and equipment had a fair value based on ordinary liquidation value or indicative sales price. During the year ended December 31, 2020 the Company recognized impairment charges of $18.8 million associated with certain offshore support vessels. As of December 31, 2020, the Company had Level 3 fair values determined based upon ordinary liquidation value of $43.0 million on five liftboats. The Level 3 fair values were determined based on third-party valuations using significant inputs that are unobservable in the market. Due to limited market transactions, the primary valuation methodology applied by the appraisers was an estimated cost approach less estimated economic depreciation for comparably aged and conditioned assets less estimated economic obsolescence based on market data or utilization and rates per day worked trending of the vessels since 2014. Investments, at equity, in 50% or less owned companies. During the year ended December 31, 2021, the Company received a distribution from one of its investments in 50% or less owned companies, MEXMAR Offshore, in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The beginning balance of the Company’s investment in MEXMAR Offshore was zero. During the year ended December 31, 2020, the Company marked two of its investments in 50% or less owned companies, Seabulk Tims I and Offshore Vessel Holdings, to zero due to a return of funds that exceeded the carrying value of the investment and continued losses, respectively. The Company did not make any further adjustments to any of its investments in 50% or less owned companies. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 12. WARRANTS In connection with various transactions, the Company issued 2,560,456 warrants to purchase shares of Common Stock at an exercise price of $0.01 per share (“Warrants”), of which 1,439,483 remain outstanding as of December 31, 2021. Included among these are the Carlyle Warrants. On December 23, 2021, 48,809 Warrants were exercised for a penny per share, resulting in 1,439,483 Warrants outstanding as of December 31, 2021. In connection with the exercise of Warrants on December 23, 2021, 149 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. On September 1, 2020 and September 18, 2020, 255,307 and 83,367 Warrants were exercised, respectively, for a penny per share, resulting in 1,488,292 Warrants outstanding as of December 31, 2020. In connection with the exercise of Warrants on September 18, 2020, 354 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. On May 28, 2019 and June 14, 2019, 380,000 and 64,440 Warrants were exercised, respectively, for a penny per share, resulting in 1,826,966 Warrants outstanding as of December 31, 2019. In connection with the exercise of Warrants on June 14, 2019, 49 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 13. On December 31, 2021, pursuant to the Merger Agreement OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the Merger. In connection with the consummation of the Merger, the Company issued an aggregate number of 1,567,935 shares of Common Stock, as follows: (i) 531,872 (ii) 1,036,063 On December 23, 2021, 48,809 Warrants were exercised for a penny per share, resulting in 1,439,483 Warrants outstanding as of December 31, 2021. In connection with the exercise of Warrants on December 23, 2021, 149 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. On September 1, 2020 and September 18, 2020, 255,307 and 83,367 Warrants were exercised, respectively, for a penny per share, resulting in 1,488,292 Warrants outstanding as of December 31, 2020. In connection with the exercise of Warrants on September 18, 2020, 354 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. The Company had previously registered 2,174,000 shares of Common Stock for issuance under the SEACOR Marine Holdings Inc. 2017 Equity Incentive Plan (the “2017 Plan”). The Company’s shareholders approved the SEACOR Marine Holdings Inc. 2020 Equity Incentive Plan (the “2020 Plan”) at the annual meeting of shareholders held on June 9, 2020 (the “Approval Date”), which authorized the issuance of 2,080,000 shares of Common Stock under the 2020 Plan. On June 9, 2020 the Company filed a registration statement on Form S-8 with the Securities and Exchange Commission (“SEC”) with respect to the registration of 2,114,821 shares of Common Stock, representing the 2,080,000 shares of Common Stock approved by the Company’s shareholders for issuance under the 2020 Plan, plus 24,821 shares of Common Stock remaining available for issuance under the 2017 Equity Incentive Plan as of the Approval Date that will be available for issuance under the 2020 Plan, plus Common Stock subject to awards outstanding under the 2017 Plan, that pursuant to the terms of the 2017 Plan and the 2020 Plan, may be available for future issuance under the 2020 Plan. On March 20, 2020, SEACOR LB Holdings LLC, an indirect wholly-owned subsidiary of SEACOR Marine (“SEACOR LB Holdings”), entered into a membership interest purchase agreement with SEACOR Marine, Montco Offshore, LLC (“Montco”) and Lee Orgeron, the principal of Montco, pursuant to which SEACOR LB Holdings purchased the 28% minority equity interest in Falcon Global Holdings held by Montco in exchange for 900,000 shares of Common Stock issued to Montco as consideration in a private placement. The purchase resulted in the Company owning 100% of Falcon Global Holdings. On May 28, 2019 and June 8, 2019, 380,000 and 64,440 Warrants were exercised, respectively, for a penny per share. In connection with the exercise of Warrants on June 14, 2019, 49 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants. On January 25, 2019, Seabulk Overseas Transport, Inc., a wholly owned subsidiary of SEACOR Marine (“Seabulk Overseas”), acquired a 6.25% minority interest in Windcat Workboats that it did not previously own upon the exercise of certain put options by one of the two minority owners pursuant to the terms of a subscription and shareholders agreement, as amended (the “Subscription and Shareholders Agreement”), in exchange for consideration of £1.6 million (approximately $2.0 million) in cash. The Company acquired the other 6.25% minority interest in Windcat Workboats that the Company did not already own on March 15, 2019 in exchange for consideration of 50,000 shares of Common Stock and €1.2 million (approximately $1.4 million) in cash. The Common Stock was issued in a private placement in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act. The two acquisitions resulted in Seabulk Overseas owning (and SEACOR Marine indirectly owning) 100% of Windcat Workboats. On January 9, 2019, certain indirect wholly owned subsidiaries of SEACOR Marine acquired three FSVs in exchange for the private placement of 603,872 shares of Common Stock to domestic U.S. holders affiliated with the McCall family of Louisiana. The value of the vessels and the Common Stock was $7.8 million based on the closing price of a share of Common Stock on the NYSE on the day of the exchange. The Common Stock was issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Company has operated the acquired vessels for the past ten years under a revenue sharing pooling agreement that included four of its owned FSVs of similar specification. In accordance with its terms, this pooling agreement was terminated. On January 1, 2019, the Company adopted ASC 842 regarding the recording of lease on the balance sheet. This adoption resulted in an increase of $ 10.4 million, net of tax, to the Company’s opening retained earnings for the current period . |
Noncontrolling Interests in Sub
Noncontrolling Interests in Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests in Subsidiaries | 14. Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31 were as follows (in thousands): Noncontrolling Interests 2021 2020 VEESEA Holdings Inc. 1.8 % 320 319 Prior to March 20, 2020, the Company held 72% of the equity interest in Falcon Global Holdings. On March 20, 2020, the Company completed the acquisition of the remaining 28% minority interest in Falcon Global Holdings, resulting in the Company’s 100% ownership of Falcon Global Holdings. Consideration paid by the Company was 900,000 shares of Common Stock issued in a private placement to the seller of the minority interest, Montco Offshore LLC. Prior to the acquisition of the remaining noncontrolling interest in Falcon Global Holdings the net loss attributable to Falcon Global Holdings was $16.6 million, of which $4.6 million was attributable to noncontrolling interest |
Savings and Multi-employer Pens
Savings and Multi-employer Pension Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Savings and Multi-employer Pension Plans | 15. SEACOR Marine Savings Plan. On January 1, 2016, the Company’s eligible U.S. based employees were transferred from the SEACOR Holdings sponsored defined contribution plan to the “SEACOR Marine 401(k) Plan,” a new Company sponsored defined contribution plan (the “Savings Plan”). Effective upon the June 1, 2017 Spin-off, the Company discontinued its contribution to the Savings Plan up until January 1, 2019, at which time the Company’s contribution were limited to 1% of an employee’s wages. In 2020, the Company increased its contributions to 2% of an employee’s wages. The Savings Plan costs for the year ended December 31, 2021, 2020 and 2019 were $0.2 million, $0.3 million and $0.2 million, respectively. MNOPF and MNRPF. Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of December 31, 2021, all invoices related to MNOPF and MNRPF have been settled in full. On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. The MNRPF has indicated that the investigations into these issues remain ongoing, and that further updates will be provided as significant developments arise. Should such additional liabilities require the MNRPF to collect additional funds from participating employers, it is possible that the Company will be invoiced for a portion of such funds and recognize payroll related operating expenses in the periods invoices are received. Other Plans. Certain employees participate in other defined contribution plans in various international regions. During the years ended December 31, 2021, 2020 and 2019, the Company incurred costs, primarily from employer matching contributions of $0.4 million, $0.4 million and $0.3 million, respectively. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | 16. Equity Incentive Plan. During 2017, the Company adopted the SEACOR Marine Holdings Inc. 2017 Equity Incentive Plan (the “2017 Plan”). The Company’s shareholders approved the SEACOR Marine Holdings Inc. 2020 Equity Incentive Plan (the “2020 Plan”) at the annual meeting of shareholders held on June 9, 2020 (the “Approval Date”), which authorized the issuance of 2,080,000 shares of Common Stock under the 2020 Plan plus 24,821 shares of Common Stock remaining available for issuance under the 2017 Equity Incentive Plan as of the Approval Date that will be available for issuance under the 2020 Plan. The types of awards under the 2020 Plan may include stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and other stock-based awards. As of December 31, 2021, a total of 843,031 shares of Common Stock remained available for issuance under the 2020 Plan. Restricted stock typically vests from one to four years after the date of grant, and stock options to purchase shares of Common Stock typically vest and become exercisable from one to four years after date of grant and expire no later than the tenth anniversary of the date of grant. Performance restricted stock units (“PRSUs”) typically vest on a cliff-basis after three years, subject to certain stock price performance goals. Pursuant to the applicable award agreements, restricted stock and stock options vest subject to the participant’s continued employment with the Company on the applicable vesting date, subject to accelerated vested upon the executive’s death or qualified retirement or, with respect to restricted stock, upon termination by the Company without “cause” (including for disability). Upon any such termination, PRSUs that have been earned with respect to the stock price performance goal(s) will be settled on the third anniversary of the grant date, without regard to the participants employment with the Company as of such date. For options granted, Distribution of SEACOR Marine Restricted Stock by SEACOR Holdings. Certain officers and employees of the Company previously received compensation through participation in SEACOR Holdings share award plans. Pursuant to the Employee Matters Agreement with SEACOR Holdings, participating Company personnel vested in all outstanding SEACOR Holdings share awards upon the Spin-off in 2017 and received SEACOR Marine restricted stock from the Spin-off distribution in connection with outstanding SEACOR Holdings restricted stock held. The Company paid SEACOR Holdings $2.7 million upon completion of the Spin-off for the distribution of 120,693 shares of SEACOR Marine restricted stock, which is being amortized over the participants’ remaining original vesting periods. Employee Stock Purchase Plan. During 2017, the Company adopted the SEACOR Marine Holdings Inc. 2017 Employee Stock Purchase Plan (the “Marine ESPP”). The Marine ESPP, if implemented by the Company’s Board of Directors, will permit the Company to offer shares of its Common Stock for purchase by eligible employees at a price equal to 85% of the lesser of (i) the fair market value of a share of its Common Stock on the first day of the offering period or (ii) the fair market value of a share of its Common Stock on the last day of the offering period. There are 300,000 shares of the Company’s Common Stock reserved for issuance under the Marine ESPP during the ten years following its adoption. Share Award Transactions. Transactions in connection with the Company’s Equity Incentive Plans during the years ended December 31 were as follows: 2021 2020 Director Stock Awards Granted 189,030 59,900 Restricted Stock Activity: Outstanding as of the beginning of year 436,714 303,609 Granted 933,705 (1) 289,452 Vested 202,079 143,697 Forfeited 5,250 12,650 Outstanding as of the end of year 1,163,090 436,714 Stock Option Activity: Outstanding as of the beginning of year 1,120,541 913,569 Granted — 261,972 Exercised — — Forfeited 59,184 (2) 55,000 Outstanding as of the end of year 1,061,357 1,120,541 (1) Excludes 354,964 grants of performance-based stock units that are not (2) Forfeitures includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted. During the year ended December 31, 2021, the Company recognized $5.5 million of compensation expense related to stock awards, restricted stock and stock options granted to employees and directors under the 2017 Plan and the 2020 Plan. As of December 31, 2021, the Company had approximately $4.8 million in total unrecognized compensation costs. The weighted average period over which the compensation cost of non-vested awards will be recognized is approximately 1.01 and 0.42 years for restricted stock and stock options, respectively. During the year ended December 31, 20 20 , the Company recognized $ million of compensation expense related to stock awards, restricted stock and stock options granted to employees and directors under the 2017 Plan and the 2020 Plan. As of December 31, 20 20 , the Company had approximately $ 4.7 million in total unrecognized compensation costs. The weighted average period over which the compensation cost of non-vested awards will be recognized is approximately 1. 2 4 and 0.89 years for restricted stock and stock options, respectively. During the year ended December 31, 2019, the Company recognized $5.3 million of compensation expense related to stock awards, restricted stock and stock options granted to employees and Directors under the 2017 Plan. As of December 31, 2019, the Company had approximately $6.5 million in total unrecognized compensation costs. The weighted average fair value of restricted stock granted under the 2017 Plan and the 2020 Plan were $5.45 and $6.40 for the year ended December 31, 2021 and 2020, respectively. The fair value was based on the closing price of the Company’s stock on the day of the grant. The Company did not grant any options in the year ended December 31, 2021. The weighted average fair value of stock options granted under the 2017 Plan and the 2020 Plan was $3.60 for the year ended December 31, 2020. The fair value of each option granted during the year ended December 31, 2020, was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: (a) no dividend yield; (b) weighted average expected volatility of 76.1; (c) weighted average discount rate of 0.52%; and (d) expected life of 9.92 years, respectively. There were no stock options exercised in 2021 or 2020. During the year ended December 31, 2021, the number of shares and the weighted average grant price of restricted stock transactions were as follows: Restricted Stock Number of Shares Weight Average Grant Price Non-Vested as of December 31, 2020 436,714 $ 11.60 Granted 933,705 5.45 Vested 202,079 5.26 Forfeited 5,250 5.72 Non-Vested as of December 31, 2021 1,163,090 6.62 During the year ended December 31, 2021, the number of shares and the weighted average exercise price on stock option transactions were as follows: Stock Options Number of Shares Weight Average Grant Price Non-Vested as of December 31, 2020 1,120,541 $ 12.49 Granted — — Exercised — — Forfeited (2) 59,184 15.70 Non-Vested as of December 31, 2021 1,061,357 12.39 Exercisable as of December 31, 2021 (1) 896,566 12.74 (1) The weighted average remaining contractual term is 6.7 years. (2) Forfeitures includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted. As of December 31, 2021, there was no aggregate intrinsic value for options outstanding. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions Policy. The Company has established a written policy for the review and approval or ratification of transactions with related parties (the “Related Party Transactions Policy”) to assist it in reviewing transactions in excess of $120,000 (“Transactions”) involving the Company and its subsidiaries and a Related Party (as defined in the Related Party Transaction Policy). The Related Party Transactions Policy supplements the Company’s other conflict of interest policies set forth in the Company’s Corporate Governance Guidelines, its Code of Business Conduct and Ethics and its other internal procedures. Transactions with SEACOR Holdings . In connection with the Spin-off, SEACOR Marine entered into certain agreements with SEACOR Holdings that govern SEACOR Marine’s relationship with SEACOR Holdings following the Spin-off, including a Distribution Agreement, two Transition Services Agreements, an Employee Matters Agreement and a Tax Matters Agreement. As of December 31, 2021, SEACOR Holdings had no outstanding guarantees for obligations of the Company. As of December 31, 2020 , SEACOR Holdings had guaranteed $ 8.1 million for various obligations of the Company, including performance obligations under sale-leaseback arrangements (see “ N ote 7 . Leases” ). As of December 31, 201 9 , SEACOR Holdings had guaranteed $ 22.8 million for various obligations of the Company, including performance obligations under sale-leaseback arrangements and invoiced amounts for funding deficits under the MNOPF (see “ Note 1 5 . Savings and Multi-Employer Pension Plans” ). Pursuant to the Transition Services Agreement with SEACOR Holdings, SEACOR Holdings charge d the Company a fee of 0.5 % on outstanding guaranteed amounts, which decline d as the guaranteed obligations were settled by the Company. The Company recognized a de minimis amount of guarantee fees in connection with sale-leaseback arrangements in 2021, and recognized $ million and $ million during 20 20 and 201 9 , respectively , in the accompanying consolidated statements of income ( loss ) . Guarantee fees paid to SEACOR Holdings for all other obligations are recognized as SEACOR Holdings guarantee fees in the accompanying consolidated statements of income ( loss ) . On June 26, 2020, the Company entered into a Tax Refund and Indemnification Agreement (the “Tax Refund Agreement”) with SEACOR Holdings Inc. (“SEACOR Holdings”), the Company’s former parent company. The Tax Refund Agreement enabled the Company to utilize net operating losses (“NOLs”) generated in 2018 and 2019 to claim refunds for tax years prior to the Company’s spin-off from SEACOR Holdings in 2017 (at which time the Company was included in SEACOR Holdings consolidated tax returns) that were permitted to be carried back pursuant to the provisions of the CARES Act and for which SEACOR Holdings needed to claim the refund on behalf of the Company. As a result, the Company received an aggregate amount of cash tax refunds of $32.3 million (including $1.1 million of interest paid by the IRS in respect of refund payment delays due in part to the COVID-19 pandemic), of which $12.5 million was received prior to March 31, 2021 and the remaining $19.8 million was received in April 2021. SEACOR Holdings will retain certain of the funds to facilitate tax savings realized by SEACOR Holdings of no less than 35% of the amount of its own 2019 NOLs. Additionally, a $3.0 million transaction fee was paid to SEACOR Holdings concurrently with the signing of the Tax Refund Agreement as consideration for its cooperation in connection with the filing of the applicable tax refund returns. The Tax Refund Agreement did not restrict the use of approximately $23.1 million of the refund and Following the completion of the Spin-off, the Company continued to be supported by SEACOR Holdings until 2020 for corporate services pursuant to the Transition Services Agreements with SEACOR Holdings under which it was initially charged $6.3 million annually for these services. The fees incurred have declined as the services and functions provided by SEACOR Holdings are terminated and replicated within the Company. For the year ended December 31, 2019 the Company incurred fees of and $0.6 million, Transactions regarding OSV Partners . OSV Partners In 2013, SEACOR OSV Partners I LP (the “OSV Partners I”) was formed to own and operate offshore support vessels with the Company (then a subsidiary of SEACOR Holdings) holding 30.4% of the initial limited partner interests (“Initial LP Interests”) and a majority of the general partner interests, and the remaining Initial LP Interests held by unrelated third parties. The Company was also appointed the manager of the vessels owned by OSV Partners I entitled to a market management fee. In December 2014, Charles Fabrikant (a former Non-Executive Chairman of SEACOR Marine), John Gellert (President, Chief Executive Officer and Director of SEACOR Marine), Jesús Llorca (Executive Vice President and Chief Financial Officer of SEACOR Marine) and other individuals (some of who were affiliated with the Company’s former parent, SEACOR Holdings), invested in Caroline International Holdings LLC (“Caroline”) and Caroline International Holdings II LLC (“Caroline II” and together with Caroline, the “Caroline Entities”), two entities managed by Mr. Fabrikant and formed solely for the purposes of investing in OSV Partners I. As of December 31, 2021, the aggregate investments of Messrs. Fabrikant, Gellert and Llorca in the Caroline Entities were $0.3 million, $0.4 million and $0.2 million, respectively. No other current executive officer or member of the Board invested in or has any interests in the Caroline Entities. The following summarizes the investments made by the Caroline Entities in OSV Partners I: • Initial Investment . In 2014, the Caroline Entities purchased Initial LP Interests from two limited partners of OSV Partners I resulting in Caroline owning $1.0 million, or 2.6%, of the Initial LP Interests, and Caroline II owning $0.5 million, or 1.3%. • 2017 Preferred Interests . In 2017, OSV Partners I raised $6.0 million from its limited partners in the form of preferred limited partnership interests (the “2017 Preferred Interests”) resulting in Caroline owning $0.2 million, or 3.3%, of the 2017 Preferred Interests, and Caroline II owning $0.1 million, or 1.7%. • Class A Preferred Interests and Second Lien Debt . In 2018, OSV Partners I raised $10.0 million from its limited partners, $5.0 million in the form of Class A preferred interests (“Class A Preferred Interests”) and $5.0 million in the form of second lien debt under the Subordinated PIK Loan Agreement, resulting in Caroline owning $0.1 million, or 2.6%, of the Class A Preferred Interests and $0.1 million, or 2.6%, of the PIK Loan Debt, and Caroline II owning $0.1 million, or 1.3%, of the Class A Preferred Interests and $0.1 million, or 1.3%, of the PIK Loan Debt. Immediately prior to the closing of the Merger described in “OSV Partners Merger” below, the Company owned 30.4% of the Initial LP Interests, 38.6% of the 2017 Preferred Interests, 43.0% of the Class A Preferred Interests, and 43.0% of the PIK Loan Debt of OSV Partners. Beginning in January 2019, the Company agreed not to charge OSV Partners I the management fee it was contractually entitled to through December 31, 2021 due to continuing liquidity issues of OSV Partners I. For the years ended December 31, 2018 and 2017, the Company received $0.6 million of vessel management fees from OSV Partners I for each year. On October 29, 2021, in exchange for $2.2 million, the Company acquired from a third-party lender approximately $4.1 million of the $22.1 million of principal owed under OSV Partner I’s amended and restated senior secured term loan credit facility agreement dated as of September 28, 2018 (the “OSV Credit Facility” and such acquisition, the “First Lien Debt Acquisition). OSV Partners Merger On December 31, 2021, pursuant to the Merger Agreement OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the Merger. See “Note 3. Business Acquisitions”. In connection with the consummation of the Merger, the Company issued an aggregate of 1,567,935 shares of Common Stock to the limited partners of OSV Partners I as follows: (i) 531,872 shares of Common Stock as Merger Consideration, 80% of which was paid in respect of Preferred Interests and Class A Preferred Interests, and 20% in respect of the Initial LP Interests partners (other than the Company and its subsidiaries); and (ii) 1,036,063 shares of Common Stock as PIK Loan Consideration to settle all amounts outstanding under the PIK Loan Agreement. In connection with the consummation of the Merger, (i) Caroline received an aggregate number of 73,107 shares of Common Stock and (ii) Caroline II received an aggregate of 36,570 shares of Common Stock. Each of the Caroline Entities distributed to its members the Common Stock received in connection with the consummation of the Merger with Mr. Fabrikant receiving 20,172 shares, or 1.3% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration, Mr. Gellert receiving 22,353 shares, or 1.4% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration, and Mr. Llorca receiving aggregate distributions of 9,174, or 0.6% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration. In addition, a trust of which Mr. Gellert is one of several beneficiaries received an aggregate number of 26,557 shares of Common Stock. In connection with the Merger, the Company and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of indebtedness outstanding under the OSV Credit Facility. The OSV Credit Facility requires quarterly principal payments of $0.5 million. Interest accrues under the OSV Credit Facility at a rate of Term SOFR (as defined in the OSV Credit Facility) plus 4.68% plus Mandatory Costs (as defined in the OSV Credit Facility), if applicable. The OSV Credit Facility matures on December 31, 2023 and may be accelerated upon the occurrence of an event of default. The First Lien Debt Acquisition and the Merger were subject to the oversight and received advance approval of the Audit Committee as related party transactions under the Company’s Related Party Transaction Policy. Mr. Gellert recused himself from deliberations by the Audit Committee and ultimately the Board with respect to the Merger, and the Board received a third-party fairness opinion with respect thereto. Mr. Llorca was also not involved in the related discussions. Mr. Fabrikant no longer served on the Board as of June 8, 2021 and therefore had no participation in any of the approval processes for these transactions. As a result of the Merger, the five 201’, 1,900 tons deadweight capacity, PSVs owned by OSV Partners are now 100% owned by the Company, bringing the Company’s owned PSV fleet to 20. Of the five PSVs previously owned by OSV Partners, three are U.S. flagged and currently located in the Gulf of Mexico, and two are Marshall Island flagged and currently located in the Middle East. As of December 31, 2021, these five PSVs have an average age of seven years. Transactions regarding Windcat Workboats . On January 25, 2019, Seabulk Overseas acquired a 6.25% minority interest in Windcat Workboats that it did not previously own upon the exercise of a put option by one of the two minority owners, each of whom was a member (or an affiliate of a member) of management of Windcat Workboats at the time of acquisition, pursuant to the terms of a certain Subscription and Shareholders Agreement, as amended, for consideration of £1.6 million ($2.0 million). On March 15, 2019, Seabulk Overseas acquired the other 6.25% minority interest in Windcat Workboats that it did not previously own for consideration of 50,000 shares of Common Stock and €1.2 million (approximately $1.4 million) in cash. The two acquisitions resulted in Seabulk Overseas owning 100% of Windcat Workboats, a consolidated subsidiary which owns and operates the Company’s CTV business that is primarily used to move personnel and supplies in Europe’s offshore wind markets On January 12, 2021, a wholly owned subsidiary of SEACOR Marine, completed the sale of the Windcat Workboats CTV business through the sale of 100% of the equity of Windcat Workboats to CMB N.V. pursuant to a Sale and Purchase Agreement entered into on December 18, 2020 (see “Note 1. Nature of Operations and Accounting Policies” and “Note 4. Equipment Acquisitions and Dispositions”). Transactions with Carlyle . On December 1, 2015, the Company issued $175.0 million aggregate principal amount of its Convertible Notes to investment funds managed and controlled by Carlyle. Interest on the Convertible Notes is payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2016 (see “Note 8. Long-Term Debt”). Pursuant to the note purchase agreement for the Convertible Notes and the Investment Agreement, the Company must use reasonable best efforts, subject to its directors’ fiduciary duties, to cause a person designated by Carlyle to be appointed as a director on the Board of Directors, if Carlyle, solely as a result of the conversion of the Convertible Notes, collectively owns, continues to own, or would (upon conversion) own 10.0% or more of the Company’s outstanding shares of Common Stock. During 2017, Ferris Hussein served on the Board of Directors as the director designated by Carlyle until his resignation on April 17, 2018. Carlyle has not exercised this right subsequent to Mr. Hussein’s resignation but retains the right to appoint a member to the Board of Directors. Mr. Hussein has been designated by Carlyle to observe meetings of the Board of Directors pursuant to Carlyle’s observer rights under the Convertible Notes. This observation right will terminate at the time Carlyle owns less than $50.0 million in aggregate principal amount of the Convertible Notes or a combination of the Convertible Notes and our Common Stock representing less than 5.0% of the Company’s Common Stock outstanding on a fully diluted basis, assuming the conversion of all of the Convertible Notes and Warrants to purchase Common Stock held by Carlyle. In April 2018, the Company entered into the following Exchange and other transactions with Carlyle pursuant to which: • the Company exchanged $50.0 million in principal amount of the Convertible Notes for Common Stock (or warrants to purchase an equivalent number of shares of Common Stock at an exercise price of $0.01 per share) at an exchange rate of 37.73 per $1,000 principal amount of the Notes (equivalent to an exchange price of $26.50) for a total of approximately 1.9 million shares of Common Stock including Common Stock issuable upon exercise of the Exchange Warrants (the “Exchange”); • the Company and Carlyle amended the $125.0 million in principal amount of Convertible Notes that remains outstanding after the Exchange to (i) increase the interest rate from 3.75% per annum to 4.25% per annum and (ii) extend the maturity of the Convertible Notes by 12 months to December 1, 2023; and • Carlyle purchased 750,000 shares of Common Stock in a private placement whereby the Company issued an aggregate of 2,168,586 shares of Common Stock and warrants to purchase 674,164 shares of Common Stock at an exercise price of $0.01 per share in a private placement exempt from registration under the Securities Act (the “PIPE Issuance”) for aggregate consideration of $15.0 million. During 2021 and 2020, Carlyle exercised 48,809 and 83,367 Transactions with CME . Mr. Alfredo Miguel Bejos, a Director of SEACOR Marine, currently serves as President and Chief Executive Officer of CME. In accordance with the Related Transaction Policy, the audit committee of the board of directors of SEACOR Marine (the “Audit Committee”) has adopted guidelines for addressing ongoing CME-related transactions. During 2020 and 2019, CME exercised 255,307 and 380,000 warrants, respectively. As of December 31, 2020, all of CME’s outstanding warrants have been exercised. On December 20, 2018, MEXMAR Offshore, a joint venture that is 49.0% owned by a subsidiary of the Company and 51.0% owned by a subsidiary of CME, acquired UP Offshore. UP Offshore was acquired for nominal consideration. In connection with the acquisition, UP Offshore’s existing debt was refinanced with $95.0 million of new indebtedness composed of (i) a $70.0 million six-year debt facility provided by UP Offshore’s existing lenders that is non-recourse to the Company, CME or any of their respective subsidiaries, (ii) a $15.0 million loan from MexMar, a joint venture between CME and the Company, to fund capital expenditures on two vessels and (iii) a $10.0 million loan from MEXMAR Offshore to fund working capital requirements funded by an approximate $5.0 million capital contribution to MEXMAR Offshore by each of the Company and CME. Due to losses from equity earnings, the Company’s investment in MEXMAR Offshore was written down to $0 in 2019. In July 2020, MEXMAR Offshore purchased from a consortium of banks in Brazil, $70.0 million of UP Offshore’s debt for $5.5 million, of which the Company’s commitment was $2.7 million to fund this purchase. As of December 31, 2020, the Company had loaned its proportional share of this commitment to MEXMAR Offshore of $1.96 million. The Company funded its remaining commitment in February 2021. On June 1, 2021, MEXMAR Offshore completed the sale of eight vessels and certain Brazilian entities to Oceanpact Servicos Maritimos S.A. and its subsidiary, OceanPact Netherlands B.V., for a total purchase price of $30.2 million (the “UP Offshore Sale Transaction”), which resulted in an equity earnings gain from 50% or less owned companies of $2.6 million. On July 23, 2021, the Company received a distribution from MEXMAR Offshore in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The excess was recorded by the Company as a gain from return of investments in 50% or less owned companies. After giving effect to the UP Offshore Sale Transaction, MEXMAR Offshore, indirectly through certain subsidiaries of UP Offshore, retained ownership of three vessels. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these vessels was transferred from subsidiaries of UP Offshore to OVH on October 26, 2021, and the remaining vessel was transferred from a subsidiary of UP Offshore to OVH on November 2, 2021. Upon completion of these transactions, MEXMAR Offshore no longer held income producing assets and as a result, on December 9, 2021, the Company transferred its 49% interest in MEXMAR Offshore to a subsidiary of CME for nominal consideration and a transaction fee of $0.2 million. As of December 31, 2021, the Company does not have any ownership interest in MEXMAR Offshore. The Company also participates in a variety of other joint ventures with CME, including MexMar, SEACOR Marlin and OVH. The joint venture agreements for each of these joint ventures were negotiated at arms-length in the ordinary course of business. MexMar is a joint venture company that is 49% owned by a wholly owned subsidiary of the Company and 51% owned by subsidiaries of CME. SEACOR Marlin is a joint venture company that is 49% owned by a wholly owned subsidiary of the Company and 51% owned by a wholly owned subsidiary of MexMar. OVH is a joint venture company that is 49% owned by a wholly owned subsidiary of the Company and 51% owned by a subsidiary of CME. In 2019, the Company sold an FSV to OVH for $2.4 million through a seller’s finance agreement. Transaction with Talos Energy Inc Mr. Robert D. Abendschein, a former Director of SEACOR Marine as of June 8, 2021, served as Executive Vice President and Head of Operations of Talos Energy Inc. (together with its subsidiaries and affiliates, “Talos Energy”). Talos Energy is a customer of the Company and its subsidiaries, primarily with respect to the chartering of liftboats and other vessels. In accordance with the Related Transaction Policy of the Company, the Audit Committee has adopted guidelines for addressing ongoing Talos Energy-related transactions. The Company recognized $1.9 million, $1.5 million and $3.2 million in revenue with Talos Energy in 2021, 2020 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. COMMITMENTS AND CONTINGENCIES As of December 31, 2021, the Company had unfunded capital commitments of $0.9 million for miscellaneous vessel equipment payable during 2023. The Company has indefinitely deferred an additional $9.4 million of orders with respect to one FSV that the Company had previously reported as unfunded capital commitments. In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda, an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. Local Brazilian law was enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$18.4 million based on a historical potential levy of R$12.87 million (USD $3.3 million and USD $2.3 million, respectively, based on the exchange rate as of December 31, 2021). As of December 31, 2021, SEACOR Holdings had no outstanding guarantees on behalf of the Company for performance obligations under sale-leaseback arrangements and pursuant to the terms of the Tax Refund Agreement with SEACOR Holdings, the Company no longer had to maintain a portion of the refund in an account to solely satisfy such obligations guaranteed by SEACOR Holdings. On April 13, 2021, the SEACOR Power, a liftboat owned by a subsidiary of the Company with nineteen individuals on board, capsized off the coast of Port Fourchon, Louisiana. The incident resulted in the death of several crew members, including the captain of the vessel The capsizing of the SEACOR Power garnered significant attention from the media as well as local, state and federal politicians. The National Transportation Safety Board (“NTSB”) and the U.S. Coast Guard are currently investigating the incident to determine the cause of the incident and the Company is fully cooperating with the investigations in all respects and continues to gather information about the incident. It is expected that the NTSB and U.S. Coast Guard investigations will take a significant period of time to complete, possibly as much as two years or longer. Numerous civil lawsuits have been filed against the Company and other third parties by the family members of deceased crew members and the surviving crew members employed by the Company or by the third parties. On June 2, 2021, the Company filed a Limitation of Liability Act complaint in federal court in the Eastern District of Louisiana (“Limitation Action”), which has the effect of enjoining all existing civil lawsuits and requiring the plaintiffs to file their claims relating to the capsizing of the SEACOR Power in the Limitation Action. There is significant uncertainty in the amount and timing of costs and potential liabilities relating to the incident involving the SEACOR Power, the impact the incident will have on the Company’s reputation and the resulting possible impact on the Company’s business. In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows. Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of December 31, 2021, all invoices related to MNOPF and MNRPF have been settled in full. On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. The MNRPF has indicated that the investigations into these issues remain ongoing, and that further updates w ill be provided as significant developments arise. Should such additional liabilities require the MNRPF to collect additional funds from participating employers, it is possible that the Company will be invoiced for a portion of such funds and recognize payroll related operating expenses in the periods invoices are received. |
Major Customers and Segment Inf
Major Customers and Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Major Customers and Segment Information | 19. During the year ended December 31, 2021, Exxon Mobil and SEACOR Marine Arabia LLC, a joint venture through which vessels are in service to Saudi Aramco, were each responsible for $35.2 million or 21% and $29.7 million or 17%, respectively, of the Company’s total consolidated operating revenues from continuing operations. During the year ended December 31, 2020, SEACOR Marine Arabia LLC 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. For the years ended December 31, 2021, 2020 and 2019, the ten largest customers of the Company accounted for approximately 76%, 76% and 61%, For the years ended December 31, 2021, 2020 and 2019, approximately 88%, 89% and 75%, 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. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 20. Discontinued Operations”). In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now combined with the Africa segment and reported as a combined segment and prior period information has been conformed to the new consolidated reporting segment. Direct vessel profit is the Company ’ s measure of segment profitability when applied to reportable segments . Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its regions. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands): United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2021 Operating Revenues: Time charter $ 15,487 $ 44,268 $ 53,146 $ 46,934 $ 159,835 Bareboat charter 1,549 — — 2,484 4,033 Other marine services 3,607 (1,338 ) 526 4,278 7,073 20,643 42,930 53,672 53,696 170,941 Direct Costs and Expenses: Operating: Personnel $ 8,836 $ 13,903 $ 22,191 $ 14,990 $ 59,920 Repairs and maintenance 3,394 6,772 6,701 7,250 24,117 Drydocking 2,082 1,159 2,639 467 6,347 Insurance and loss reserves 2,632 1,353 2,481 2,201 8,667 Fuel, lubes and supplies 1,204 4,109 3,459 3,261 12,033 Other 648 5,815 6,158 3,701 16,322 18,796 33,111 43,629 31,870 127,406 Direct Vessel (Loss) Profit $ 1,847 $ 9,819 $ 10,043 $ 21,826 $ 43,535 Other Costs and Expenses: Lease expense $ 2,621 $ 1,281 $ 472 $ 1,711 $ 6,085 Administrative and general 37,639 Depreciation and amortization $ 15,712 $ 12,856 $ 17,985 $ 10,842 57,395 101,119 Gain on asset dispositions 20,436 Operating loss $ (37,148 ) As of December 31, 2021 Property and Equipment: Historical cost $ 253,426 $ 223,039 $ 340,225 $ 208,594 $ 1,025,284 Accumulated depreciation (127,547 ) (71,820 ) (85,683 ) (32,247 ) (317,297 ) $ 125,879 $ 151,219 $ 254,543 $ 176,347 $ 707,987 Total Assets ( 1) $ 148,753 $ 167,185 $ 256,533 $ 250,594 $ 823,065 (1) Total assets exclude $89.4 million of corporate assets. United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2020 Operating Revenues: Time charter $ 9,873 $ 47,723 $ 52,052 $ 23,806 $ 133,454 Bareboat charter 2,910 (55 ) — — 2,855 Other 2,422 (135 ) 2,157 1,084 5,528 15,205 47,533 54,209 24,890 141,837 Direct Costs and Expenses: Operating: Personnel $ 10,065 $ 13,397 $ 18,188 $ 6,698 $ 48,348 Repairs and maintenance 1,655 5,643 5,232 2,131 14,661 Drydocking 1,167 2,014 759 329 4,269 Insurance and loss reserves 1,774 1,806 1,721 462 5,763 Fuel, lubes and supplies 1,172 3,260 2,706 990 8,128 Other 373 1,343 6,891 1,369 9,976 16,206 27,463 35,497 11,979 91,145 Direct Vessel (Loss) Profit $ (1,001 ) $ 20,070 $ 18,712 $ 12,911 $ 50,692 Other Costs and Expenses: Lease expense $ 4,272 $ 3,038 $ 170 $ 45 $ 7,525 Administrative and general 40,051 Depreciation and amortization $ 21,427 $ 13,664 $ 16,595 $ 5,481 57,167 104,743 Loss on asset dispositions and impairments, net (17,588 ) Operating loss $ (71,639 ) As of December 31, 2020 Property and Equipment: Historical cost $ 257,592 $ 262,998 $ 361,514 $ 130,769 $ 1,012,873 Accumulated depreciation (134,391 ) (68,486 ) (75,349 ) (13,312 ) (291,538 ) $ 123,201 $ 194,512 $ 286,165 $ 117,457 $ 721,335 Total Assets ( 1) $ 164,656 $ 227,894 $ 289,314 $ 179,942 $ 861,806 (1) Total assets exclude $105.6 million of corporate assets, and $50.2 million of discontinued operations United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2019 Operating Revenues: Time charter $ 38,955 $ 52,325 $ 54,312 $ 11,460 $ 157,052 Bareboat charter 1,562 — — 3,569 5,131 Other 3,806 5,405 1,669 1,390 12,270 44,323 57,730 55,981 16,419 174,453 Direct Costs and Expenses: Operating: Personnel $ 17,491 $ 17,327 $ 16,698 $ 4,459 $ 55,975 Repairs and maintenance 7,583 5,288 7,182 1,348 21,401 Drydocking 4,594 493 600 161 5,848 Insurance and loss reserves 2,370 1,492 1,449 311 5,622 Fuel, lubes and supplies 2,936 3,726 2,904 1,056 10,622 Other 393 5,385 3,095 1,182 10,055 35,367 33,711 31,928 8,517 109,523 Direct Vessel Profit $ 8,956 $ 24,019 $ 24,053 $ 7,902 $ 64,930 Other Costs and Expenses: Lease expense $ 10,894 $ 4,763 $ 173 $ 10 $ 15,840 Administrative and general 39,791 Depreciation and amortization $ 21,947 $ 12,614 $ 16,400 $ 6,205 57,166 112,797 Loss on asset dispositions and impairments, net (6,461 ) Operating loss $ (54,328 ) As of December 31, 2019 Property and Equipment: Historical cost $ 297,392 $ 251,652 $ 292,446 $ 57,534 $ 899,024 Accumulated depreciation (157,514 ) (62,125 ) (73,039 ) (16,239 ) (308,917 ) $ 139,878 $ 189,527 $ 219,407 $ 41,295 $ 590,107 Total Assets ( 1) $ 224,229 $ 226,071 $ 250,890 $ 116,736 $ 817,926 (1) Total assets exclude $145.5 million of corporate assets, and $45.7 million of discontinued operations. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 2 0 . DISCONTINUED OPERATIONS On January 12, 2021, the Company completed the sale of Windcat Workboats, which was previously classified as assets held for sale as of the end of the fourth quarter 2020. The Company’s discontinued operations as of December 31, 2019, consisted of both Windcat Workboats and Boston Putford Offshore Safety. The Company has no continuing involvement in either of these businesses, which is considered a strategic shift in the Company’s operations. During the first twelve days of 2021, the Company recognized $0.2 million in net income from operations of Windcat Workboats that was utilized to calculate the gain on the sale of Windcat Workboats (see “Note. 4 Equipment Acquisitions and Dispositions”). 2020 Assets from Discontinued Operations: Current assets $ 10,138 Net property and equipment 34,580 Non-current assets 5,517 50,235 Liability from Discontinued Operations: Current liabilities $ 2,418 Long-term liabilities 28,509 $ 30,927 Windcat Workboats Boston Putford Offshore Safety 2021 2020 2019 2019 Operating Revenues: Time charter $ 903 $ 29,383 $ 25,249 $ 41,214 Other revenue 70 2,305 1,790 45 973 31,688 27,039 41,259 Costs and Expenses: Operating 578 17,334 14,202 33,836 Direct Vessel Profit 395 14,354 12,837 7,423 General and Administrative Expenses 238 5,516 4,935 4,207 Lease Expense 24 628 318 60 Depreciation — 6,166 6,846 3,504 Gain on Asset Dispositions and Impairments, Net — — 1,064 91 Operating Income (Loss) 133 2,044 1,802 (257 ) Other Income (Expense) Interest income 2 59 56 11 Interest expense (39 ) (1,115 ) (1,100 ) (210 ) Foreign currency translation (loss) 89 (750 ) 880 (75 ) Other, net — 19 — — 52 (1,787 ) (164 ) (274 ) Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax 185 257 1,638 (531 ) Income Tax Benefit — (86 ) 57 (2 ) Operating Income Before Equity Earnings of 50% or Less Owned Companies 185 343 1,581 (529 ) Equity in Earnings of 50% or Less Owned Companies, Net of Tax (16 ) 21 155 168 Net Income from Discontinued Operations $ 169 $ 364 $ 1,736 $ (361 ) 121 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | Dec. 23, 2021 |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SEACOR MARINE HOLDINGS INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the Years Ended (in thousands) Description Balance Beginning of Year Reserves Acquired Charges (Recoveries) to Cost and Expenses Deductions Balance End of Year Year Ended December 31, 2021 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 582 $ 3 $ 735 $ (8 ) $ 1,312 Year Ended December 31, 2020 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 455 $ 18 $ 230 $ (121 ) $ 582 Year Ended December 31, 2019 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 860 $ — $ (405 ) $ — $ 455 |
Nature of Operations and Acco_2
Nature of Operations and Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Segmentation | Nature of Operations and Segmentation. The consolidated financial statements include the accounts of SEACOR Marine and its consolidated subsidiaries (collectively referred to as the “Company”). The Company provides global marine and support transportation services to offshore oil, natural gas and windfarm facilities worldwide. The Company and its joint ventures operate a diverse fleet of offshore support and specialty vessels that (i) deliver cargo and personnel to offshore installations, (ii) handle anchors and mooring equipment required to tether rigs to the seabed, (iii) tow rigs and assist in placing them on location and moving them between regions, (iv) provide construction, well work-over and decommissioning support and (v) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company’s vessels provide accommodations for technicians and specialists, safety support and emergency response services. Accounting standards require public business enterprises to report information about each of their operating business segments that exceed certain quantitative thresholds or meet certain other reporting requirements. Operating business segments have been defined as a component of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker in assessing performance. Due to the sale of Windcat Workboats Holdings Ltd (“Windcat Workboats”), the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now combined with the Africa segment and reported as a combined segment and prior period information has been conformed to the new consolidated reporting segment. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 20. Discontinued Operations”). In prior periods Africa and Europe were reported as separate segments. The Company has identified the following four principal geographic regions as its reporting segments: United States, primarily Gulf of Mexico. As of December 31, 2021, 15 vessels were located in the U.S. Gulf of Mexico, including 12 owned, two leased-in and one managed-in. The Company’s vessels in this market support deep-water anchor handling, fast cargo transport, general cargo transport, well intervention, work-over, decommissioning and diving support operations. Africa and Europe, continuing operations. As of December 31, 2021, 16 vessels were located in Africa and Europe, including 15 owned and one leased-in. The Company’s vessels in this area generally support projects for major oil companies, primarily in Angola, Nigeria and Congo and supporting oil and gas explorations and production operations in the North Sea. Middle East and Asia. As of December 31, 2021, 20 owned vessels were located in the Middle East and Asia . The Company’s vessels in this area generally support exploration, personnel transport and seasonal construction activities in Egypt, Israel and Malaysia and countries along the Arabian Gulf and Arabian Sea, such as Saudi Arabia, the United Arab Emirates and Qatar. Latin America. As of December 31, 2021, 30 vessels were located in this region, including 10 owned and 20 joint-ventured. Of these joint-ventured vessels, (i) 16 are owned by Mantenimiento Express Maritimo, S.A.P.I. de C.V. (“MexMar”), a joint venture that is 49% owned by SEACOR Marine International LLC (“SMI”), a wholly owned subsidiary of SEACOR Marine, and 51% owned by subsidiaries of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”), and (ii) four are owned by Offshore Vessel Holdings, S.A.P.I. DE. C.V. (“OVH”), a joint venture that is 49% owned by SMI and 51% owned by a subsidiary of CME. These vessels, consisting of a fleet of fast support vessels (“FSVs”), supply, specialty and liftboat vessels, provide support for exploration and production activities in Mexico and Guyana. From time to time, the Company’s vessels also work in Trinidad and Tobago, Brazil and Colombia. |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests' share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company ’ s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income ( loss ) as equity in earnings of 50% or less owned companies, net of ta x. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material. |
Revenue Recognition | Revenue Recognition. The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the years ended December 31 were as follows (in thousands): 2021 2020 2019 Balance at beginning of year $ 3,307 $ 4,755 $ 1,327 Revenues deferred during the year 510 2,042 8,134 Revenues recognized and reclassifications during the year (3,496 ) (3,490 ) (4,706 ) Balance at end of year $ 321 $ 3,307 $ 4,755 As of December 31, 2021, the Company had deferred revenues of $0.3 million primarily comprised of prepaid charter modification and reservations. As of December 31, 2021, the Company recognized previously deferred revenues of $2.0 million of prepaid vessel management fees on completion of a management contract and $1.5 million related to contract completions and certain reclassifications. The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter. From time to time, the Company may also participate in pooling arrangements. In a pooling arrangement, the time charter revenues of certain of the Company’s vessels are shared with the time charter revenues of certain vessels of similar type owned by non-affiliated vessel owners based upon an agreed formula. Contract or charter durations may range from several days to several years. Charters vary in length from short-term to multi-year periods, many with cancellation clauses and without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may have little correlation with the length of time the vessel is contracted to provide services to a particular customer. |
Cash Equivalents | Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. Cash equivalents consist of U.S. treasury securities, money market instruments, time deposits and overnight investments. A portion of the Company’s cash is maintained at a federally insured financial institution. The deposits held at this institution are in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held. |
Restricted Cash | Restricted Cash. Restricted cash primarily relates to banking facility requirements. For the year ended December 31, cash, cash equivalents and restricted cash consists of: 2021 2020 Cash $ 37,619 $ 32,666 Restricted cash 3,601 3,352 Total $ 41,220 $ 36,018 |
Trade and Other Receivables | Trade and Other Receivables. Customers are primarily major integrated national and international oil companies and large independent oil and natural gas exploration and production companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (CECL). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted. |
Derivative Instruments | Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as corresponding increases or decreases in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net, and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Realized and unrealized gains and losses on derivatives designated as cash flow hedges are reported as a component of other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective and reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Any ineffective portions of cash flow hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in Equity in earnings of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss). |
Concentrations of Credit Risk | Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material. |
Inventories | Inventories. Inventories, which consist of fuel and supplies, are stated at the lower of cost (using the first-in, first-out method) or net realizable value. The Company records write-downs, as needed, to adjust the carrying amount of inventories to the lower of cost or net realizable value. In the year ended December 31, 2021, 2020 and 2019, there were no inventory reserves. |
Property and Equipment | Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of December 31, 2021, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years. The Company’s property and equipment as of December 31 was as follows (in thousands): Historical Cost (1) Accumulated Depreciation Net Book Value 2021 Offshore support vessels: AHTS (2) $ 49,632 $ (33,200 ) $ 16,432 FSV (3) 362,309 (116,878 ) 245,431 Supply 282,243 (20,613 ) 261,630 Specialty 3,163 (3,138 ) 25 Liftboats (4) 301,992 (120,823 ) 181,169 General machinery and spares 8,814 (8,463 ) 351 Other (5) 17,131 (14,182 ) 2,949 $ 1,025,284 $ (317,297 ) $ 707,987 2020 Offshore support vessels: AHTS (2) $ 50,189 $ (31,779 ) $ 18,410 FSV (3) 375,747 (104,739 ) 271,008 Supply 238,624 (15,991 ) 222,633 Liftboats 321,751 (117,364 ) 204,387 Crew transfer 3,163 (3,138 ) 25 General machinery and spares 7,746 (7,733 ) 13 Other (5) 15,653 (10,794 ) 4,859 $ 1,012,873 $ (291,538 ) $ 721,335 (1) Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans. (2) Anchor Handling Towing (“AHTS”). (3) Fast support vessels (“FSVs”). (4) As of December 31, 2021, the Company classified a liftboat included in the United States, primarily Gulf of Mexico segment, with a carrying value of $0.3 million, as an asset held for sale , in the normal course of business, the Company sold the liftboat for net proceeds of $3.2 million in cash and recorded a gain of $2.7 million after transaction costs of $0.2 million. ( 5 ) Includes land, buildings, leasehold improvements, vehicles and other property and equipment. As of December 31, 2021, the Company classified a building included in the Middle East and Asia segment, with a carrying value of $2.0 million, as held for sale. In January 2022, the Company sold the building for net proceeds of $2.4 million in cash and recorded a gain of $0.4 million. Depreciation and amortization expense totaled $57.4 million, $57.2 million and $57.2 million in 2021, 2020 and 2019, respectively. There was no depreciation and amortization expense from discontinued operations in 2021. Depreciation and amortization from discontinued operations totaled $ million and $ million in 2020 and 2019, respectively. On December 2, 2019, the Company completed the sale of its North Sea standby business, comprised of 18 emergency response and rescue vehicles (“ERRVs”) with a net book value of $24.3 million. Depreciation and amortization expense related to these ERRVs totaled $3.5 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. Capitalized interest totaled $0.3 million, $0.9 million and $1.5 million in 2021, 2020 and 2019, respectively. |
Impairment of Long-Lived Assets and Impairment of 50% or Less Owned Companies | Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value. As a result of the difficult conditions experienced in the offshore oil and natural gas markets beginning in the second half of 2014 and the corresponding reductions in utilization and rates per day worked of its fleet, the Company identified indicators of impairment and recognized impairment charges primarily associated with its AHTS fleet, its liftboat fleet, certain specialty vessels and vessels removed from service. When reviewing its fleet for impairment, the Company groups vessels with similar operating and marketing characteristics, including cold-stacked vessels expected to return to active service, into vessel classes. All other vessels, including vessels retired and removed from service, are evaluated for impairment on a vessel by vessel basis. During the year ended December 31, 2021, the Company did not record an impairment on any owned or leased-in vessels. During the year ended December 31, 2020, the Company recorded non-cash impairment charges totaling million. The Company recorded partial impairments ($5.3 million) on the five-company owned liftboat vessels based on outside valuations of its remaining fleet. Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data. In addition, the Company impaired ($7.0 million) on two leased-in liftboat vessels that based on current market environment, were determined that neither of these two leased-in vessels would return to active service during their remaining lease terms. Additionally, one leased-in anchor-handling towing supply (“AHTS”) was impaired ($0.5 million), one specialty vessel was impaired ($1.2 million) and one hull that was included in construction in progress was impaired ($4.8 million). The Company’s other vessel classes and other individual vessels in active service and cold-stacked status, for which no impairment was deemed necessary, have generally experienced a less severe decline in utilization and rates per day worked based on specific market factors. The market factors include vessels with more general utility to a broad range of customers (e.g., FSVs), vessels required for customers to meet regulatory mandates and operating under multiple year contracts or vessels that service customers outside of the offshore oil and natural gas market. For vessel classes and individual vessels with indicators of impairment as of December 31, 2021, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices and the effect COVID-19 has had on the timing of an estimated market recovery in the offshore oil and natural gas markets and upon any such recovery, the timing and cost of reactivating cold-stacked vessels. If market conditions decline further, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and are deemed not recoverable through future operations, we determine the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers. Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value, and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. No impairment charges of investments in 50% or less owned companies were incurred for the years ended December 31, 2021, 2020 and 2019. |
Business Combinations | Business Combinations. For acquisitions constituting a business acquisition, the Company recognizes 100% of the fair value of assets acquired, liabilities assumed, and noncontrolling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of income (loss) from the date of acquisition. If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition. The assets are measured based on their cost to the Company, including transaction costs. The acquisition cost is then allocated to the assets acquired based on their relative fair values ( see “Note 3 . Business Acquisitions ”). |
Debt Discount and Issue Costs | Debt Discount and Issue Costs . Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight-line method for revolving credit facilities and are included in interest expense in the accompanying consolidated statements of income (loss). |
Self-insurance Liabilities | Self-insurance Liabilities . The Company maintains marine hull, liability and war risk, general liability, workers compensation and other insurance customary in the industry in which it operates. Both the marine hull and liability policies have annual aggregate deductibles. Marine hull annual aggregate deductibles are accrued as claims are incurred while marine liability annual aggregate deductibles are accrued based on historical loss experience. Exposure to the health benefit plans are limited by maintaining stop-loss and aggregate liability coverage. To the extent that estimated self-insurance losses, including the accrual of annual aggregate deductibles, differ from actual losses realized, the Company’s insurance reserves could differ significantly and may result in either higher or lower insurance expense in future periods. |
Income Taxes | Income Taxes . Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of income (loss). The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Global Intangible Low Taxed Income (“GILTI”) regime effectively imposes a minimum tax on worldwide foreign earnings and subjects U.S. shareholders of controlled foreign corporations (“CFCs”) to current taxation on certain income earned through a CFC. The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. SEACOR Marine was included in the consolidated U.S. federal income tax return of SEACOR Holdings Inc. (“SEACOR Holdings”) through 2016. SEACOR Holdings’ policy for allocation of U.S. federal income taxes required its domestic subsidiaries included in the consolidated U.S. federal income tax return to compute their provision for U.S. federal income taxes on a separate company basis and settle with SEACOR Holdings. In the normal course of business, the Company or SEACOR Holdings may be subject to challenges from tax authorities regarding the amount of taxes due for the Company. These challenges may alter the timing or amount of taxable income or deductions. As part of the calculation of income tax expense, the Company determines whether the benefits of its tax positions are at least more likely than not of being sustained based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained, the Company accrues the largest amount of the tax benefit that is more likely than not of being sustained. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of its tax benefits and actual results could vary materially from these estimates. On June 26, 2020, the Company entered into the Tax Refund Agreement with SEACOR Holdings (see “Note 17. Related Party Transactions”). |
Deferred Gains - Vessel Sale-Leaseback Transactions and Financed Vessel Sales | Deferred Gains - Vessel Sale-Leaseback Transactions and Financed Vessel Sales . Prior to the implementation of ASC 842, the Company entered into vessel sale-leaseback transactions with finance companies or provided seller financing on sales of its vessels to third-parties or to 50% or less owned companies. A portion of the gains realized from these transactions was not immediately recognized in income but rather was recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. In sale-leaseback transactions, gains were deferred to the extent of the present value of future minimum lease payments and were amortized as reductions to rental expense over the applicable lease terms (see “Note 7. Leases”). When the Company determines that future cash inflows do not support future lease cash obligations, the Company records an impairment expense for the amount of the cash flow shortage of all future lease costs, costs to maintain the vessel to the end of the lease term, and costs to return the vessel to its owner, less the amount of any unamortized deferred gains. In financed vessel sales, gains were deferred to the extent that the repayment of purchase notes were dependent on the future operations of the sold vessels and were amortized based on cash received from the buyers. Unamortized deferred gains for four vessels under sale-leaseback agreements were fully recognized in 2019 as an adjustment to the opening balance of Retained Earnings with the implementation of the new leasing standard (see “Note 7. Leases”). Deferred gain activity related to these transactions that was reclassed to Retained Earnings for the year ended December 31, 2019 was $11.0 million Deferred Gains - Vessel Sales to the Company’s 50% or Less Owned Companies. A portion of the gains realized from non-financed sales of the Company’s vessels to its 50% or less owned companies has been deferred and recorded in the accompanying consolidated balance sheets in deferred gains and other liabilities. In most instances, the sale of a Company vessel to a 50% or less owned company is considered a sale of a business in which the Company relinquishes control to its 50% or less owned company resulting in gain recognition; however, the Company defers gains to the extent of any uncalled capital commitment it has with the 50% or less owned company. The Company no |
Foreign Currency Translation | Foreign Currency Translation. The assets, liabilities and results of operations of certain consolidated subsidiaries are measured using their functional currency, which is the currency of the primary foreign economic environment in which they operate. Upon consolidating these subsidiaries with the Company, their assets and liabilities are translated to U.S. dollars at currency exchange rates as of the consolidated balance sheet dates and their revenues and expenses are translated at the weighted average currency exchange rates during the applicable reporting periods. Translation adjustments resulting from the process of translating these subsidiaries’ financial statements are reported in other comprehensive income in the accompanying consolidated statements of comprehensive income (loss). Foreign Currency Transactions. Certain consolidated subsidiaries enter into transactions denominated in currencies other than their functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency losses, net in the accompanying consolidated statements of income (loss) in the period in which the currency exchange rates change. |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income. The components of accumulated other comprehensive (loss) income were as follows (in thousands): SEACOR Marine Holdings Inc. Stockholders' Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Gains (Losses) on Cash Flow Hedges, net Total Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Comprehensive (Loss) Income Year Ended December 31, 2018 $ (15,472 ) $ (1,316 ) $ (16,788 ) $ (1,445 ) $ (11 ) $ (4,395 ) Other comprehensive income 20,157 (1,994 ) 18,163 — — 18,163 Income tax (expense) — 173 173 — — 173 Year Ended December 31, 2019 4,685 (3,137 ) 1,548 (1,445 ) (11 ) $ 18,336 Other comprehensive income 2,112 (870 ) 1,242 — — $ 1,242 Income tax benefit (expense) — — — — — — Year Ended December 31, 2020 6,797 (4,007 ) 2,790 (1,445 ) (11 ) $ 1,242 Other comprehensive income 3,986 1,279 5,265 — — 5,265 Income tax benefit (expense) — — — — — — Year Ended December 31, 2021 $ 10,783 $ (2,728 ) $ 8,055 $ (1,445 ) $ (11 ) $ 5,265 |
Earnings (Loss) Per Share | Earnings (Loss) Per Share. Basic earnings/loss per share of Common Stock of the Company is computed based on the weighted average number of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrant”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the Convertible Senior Notes (as defined). For the years ended December 31, 2021, 2020 and 2019, diluted earnings (loss) per common share of the Company excluded 1,439,483 shares, 1,488,292 shares, and 1,826,966 shares, respectively, issuable upon the conversion of the Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. In addition, for the years ended December 31, 2021, 2020 and 2019, diluted earnings (loss) per common share of the Company excluded 1,112,256 shares, 436,714 shares and 303,609 shares, respectively, of restricted stock and 1,061,357, 1,120,541 and 913,569 outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. In addition, for the year ended December 31, 2021, diluted earnings per share of Common Stock of the Company included 50,834 shares of restricted stock as the effect of their inclusion in the computation is dilutive, with no related income effect. In 2021, 2020 and 2019, the Company issued 157,455, 149,200, and 109,600 performance share awards, of which 354,964 were still outstanding as of December 31, 2021. These performance share awards are not considered outstanding until such time as they would be probable of being exercised, therefore they were not included in the computation of earnings (loss) per share. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards. On October 29, 2020, the FASB issued ASU 2020-10, Codification Improvements: Amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure section. The guidance was effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The adoption of the standard did not have a material effect on the disclosures included herein. On February 25, 2016, the FASB issued a comprehensive new leasing standard meant to improve transparency and comparability among companies by requiring lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company adopted the new standard on January 1, 2019 and applied the transition provisions of the new standard at its adoption date with recognition of a cumulative-effect adjustment to the opening balance of retained earnings. The adoption of the new standard had a material impact on the Company’s consolidated financial position, results of operations and cash flows. The adjustment to the Company’s balance sheet on January 1, 2019 included the addition of $33.7 million of right-of-use assets, $31.9 million in lease liability, and a cumulative-effect adjustment to the opening balance of retained earnings of $1.7 million for certain of its equipment, office and land leases. In addition, unamortized deferred gains for four vessels leased under sale-leaseback arrangements were fully recognized as an adjustment to the opening balance of retained earnings of $8.7 million, net of tax, ($11.0 million deferred gains net of $2.3 million deferred taxes). On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) On August 29, 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) On June 30, 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326). This ASU represents a significant change in the Accounting for Credit Losses. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which required earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaced the multiple existing impairment models in prior U.S. GAAP, which generally required that a loss be incurred before it is recognized. The standard applies to financial assets arising from revenue transactions such as contract assets and accounts receivables. Management implemented the new standard in 2020 and it did not have a material impact on the consolidated financial statements . On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations and cash flows . Recently Issued Accounting Standards. On August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. While early adoption is permitted, the Company has determined it will not early adopt the standards. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures. On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. As of December 31, 2021, the reference rates for the Company’s existing debt and interest rate swaps have not changed as a result of any such amendment. The Company will continue to monitor changes to reference rates in applicable agreements and adopt the standard as needed. |
Nature of Operations and Acco_3
Nature of Operations and Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operation And Accounting Policies [Abstract] | |
Schedule Of Cash Cash Equivalents And Restricted Cash From Continuing Operations | For the year ended December 31, cash, cash equivalents and restricted cash consists of: 2021 2020 Cash $ 37,619 $ 32,666 Restricted cash 3,601 3,352 Total $ 41,220 $ 36,018 |
Summary of Property and Equipment from Continuing Operations | The Company’s property and equipment as of December 31 was as follows (in thousands): Historical Cost (1) Accumulated Depreciation Net Book Value 2021 Offshore support vessels: AHTS (2) $ 49,632 $ (33,200 ) $ 16,432 FSV (3) 362,309 (116,878 ) 245,431 Supply 282,243 (20,613 ) 261,630 Specialty 3,163 (3,138 ) 25 Liftboats (4) 301,992 (120,823 ) 181,169 General machinery and spares 8,814 (8,463 ) 351 Other (5) 17,131 (14,182 ) 2,949 $ 1,025,284 $ (317,297 ) $ 707,987 2020 Offshore support vessels: AHTS (2) $ 50,189 $ (31,779 ) $ 18,410 FSV (3) 375,747 (104,739 ) 271,008 Supply 238,624 (15,991 ) 222,633 Liftboats 321,751 (117,364 ) 204,387 Crew transfer 3,163 (3,138 ) 25 General machinery and spares 7,746 (7,733 ) 13 Other (5) 15,653 (10,794 ) 4,859 $ 1,012,873 $ (291,538 ) $ 721,335 (1) Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans. (2) Anchor Handling Towing (“AHTS”). (3) Fast support vessels (“FSVs”). (4) As of December 31, 2021, the Company classified a liftboat included in the United States, primarily Gulf of Mexico segment, with a carrying value of $0.3 million, as an asset held for sale , in the normal course of business, the Company sold the liftboat for net proceeds of $3.2 million in cash and recorded a gain of $2.7 million after transaction costs of $0.2 million. ( 5 ) Includes land, buildings, leasehold improvements, vehicles and other property and equipment. As of December 31, 2021, the Company classified a building included in the Middle East and Asia segment, with a carrying value of $2.0 million, as held for sale. In January 2022, the Company sold the building for net proceeds of $2.4 million in cash and recorded a gain of $0.4 million. |
Schedule of Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income. The components of accumulated other comprehensive (loss) income were as follows (in thousands): SEACOR Marine Holdings Inc. Stockholders' Equity Noncontrolling Interests Foreign Currency Translation Adjustments Derivative Gains (Losses) on Cash Flow Hedges, net Total Foreign Currency Translation Adjustments Derivative Losses on Cash Flow Hedges, net Other Comprehensive (Loss) Income Year Ended December 31, 2018 $ (15,472 ) $ (1,316 ) $ (16,788 ) $ (1,445 ) $ (11 ) $ (4,395 ) Other comprehensive income 20,157 (1,994 ) 18,163 — — 18,163 Income tax (expense) — 173 173 — — 173 Year Ended December 31, 2019 4,685 (3,137 ) 1,548 (1,445 ) (11 ) $ 18,336 Other comprehensive income 2,112 (870 ) 1,242 — — $ 1,242 Income tax benefit (expense) — — — — — — Year Ended December 31, 2020 6,797 (4,007 ) 2,790 (1,445 ) (11 ) $ 1,242 Other comprehensive income 3,986 1,279 5,265 — — 5,265 Income tax benefit (expense) — — — — — — Year Ended December 31, 2021 $ 10,783 $ (2,728 ) $ 8,055 $ (1,445 ) $ (11 ) $ 5,265 |
Transformation, Facility Rest_2
Transformation, Facility Restructuring and Severance Charges (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Components of Restructuring Charges | The components of restructuring charges for the years ended December 31, 2020 and 2019, were as follows (in thousands): December 31, 2020 United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total Transformation Plan Severance Charges $ 275 $ 185 $ 665 $ — $ 1,125 Other Charges 31 — 31 — 62 Total Charges $ 306 185 $ 696 — $ 1,187 December 31, 2019 United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total Transformation Plan Severance Charges $ 2,995 $ 200 $ 184 $ — $ 3,379 Other Charges 307 — 31 — 339 Total Charges $ 3,302 200 $ 215 — $ 3,718 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Purchase Price Allocation of Acquired Assets and Liabilities | The allocation of the purchase price for the Company’s acquired assets for the six months ended June 30 was as follows (in thousands): Assets Acquired (In Thousands): June 30, 2020 Current Assets $ 7,700 Fixed Assets 142,282 Current Liabilities (23,929 ) Book Value of Debt Acquired (100,759 ) Discount on Debt Acquired 25,190 Fair Value of Debt Acquired (75,569 ) Total Cost Basis for Purchase 50,484 Purchase Price (28,150 ) Acquisition costs (112 ) Equity Investment In SEACOR Offshore Delta (f/k/a SEACOSCO) (22,222 ) $ (50,484 ) |
OSV Partners | |
Summary of Purchase Price Allocation of Acquired Assets and Liabilities | The allocation of the purchase price for the Company’s acquired assets and liabilities as of December 31 was as follows (in thousands): Assets Acquired (In Thousands): 2021 Current Assets $ 6,181 Fixed Assets 35,176 Current Liabilities (2,186 ) Long-Term Liabilities (15,962 ) Total Cost Basis for Purchase 23,209 Purchase Price (5,331 ) Acquisition costs (598 ) Equity Investment In OSV Partners (17,280 ) $ (23,209 ) |
Equipment Acquisitions and Di_2
Equipment Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Vessel Acquired and Disposed | 2021 (1) 2020 (2) 2019 (3) FSV — — 2 Supply 1 4 2 1 4 4 (1) Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). (2) Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). ( 3 ) Ex 2021 (1) 2020 (2) 2019 AHTS — 2 1 FSV 3 4 5 Supply 1 1 5 Liftboats 1 1 3 Specialty — 2 — 5 10 14 (1) Excludes four liftboats that were previously removed from service. (2) Excludes three vessels that were previously removed from service (two AHTS vessels and one specialty vessel). |
Investments, at Equity, and A_2
Investments, at Equity, and Advances to 50% or Less Owned Companies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Investments [Abstract] | |
Equity Method Investments | Investments, at equity, and advances to 50% or less owned companies as of December 31 were as follows (in thousands): Ownership 2021 2020 MexMar 49.0 % $ 59,940 $ 50,037 OSV Partners ( 1) 30.4 % — 9,094 SEACOR Marlin 49.0 % 6,958 7,979 MEXMAR Offshore ( 2) 49.0 % — 1,960 Offshore Vessel Holdings 49.0 % 1,847 2,388 Other 20.0% — 50.0% 2,982 3,850 $ 71,727 $ 75,308 (1) The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. ( 2 ) This j oint v enture holds the investment in UP Offshore . The Company received a cash distribution in excess of its investment in MEXMOR Offshore during 2021. The distribution exceeded the investment value by $ 9.4 million and this amount was recognized as gain from return of investments in 50 % or less owned companies. On December 9, 2021, the Company sold their ownership in this joint venture to the majority shareholder. See details below. Combined Condensed Financial Information of Other Investees. Summarized financial information of the Company’s other investees, at equity, as of and for the years ended December 31 was as follows (in thousands): 2021 2020 Current assets $ 119,559 $ 109,687 Noncurrent assets 181,712 259,424 Current liabilities 93,304 109,074 Noncurrent liabilities 65,902 115,626 2021 2020 2019 Operating Revenues $ 156,579 $ 160,781 $ 136,690 Costs and Expenses: Operating and administrative 139,313 142,228 116,517 Depreciation 23,524 27,044 27,412 162,837 169,272 143,929 Loss on Asset Dispositions and Impairments, Net — — (166 ) Operating (Loss) Income $ (6,258 ) $ (8,491 ) $ (7,405 ) Net Income (Loss) $ 41,798 $ (18,229 ) $ (36,816 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Future Minimum Payments For Leases | As of December 31, 2021, future minimum payments for leases for the years ended December 31 were as follows (in thousands): Operating Leases Finance Leases 2022 $ 2,232 $ 36 2023 1,561 36 2024 451 37 2025 515 6 2026 459 — Years subsequent to 2026 3,614 — 8,832 115 Interest component (1,961 ) (6 ) 6,871 109 Current portion of long-term lease liabilities 1,986 33 Long-term lease liabilities $ 4,885 $ 76 |
Summary of Components of Leases Expense | For the years ended December 31, the components of lease expense were as follows (in thousands): 2021 2020 Operating lease cost $ 5,174 $ 6,205 Finance lease cost: Amortization of finance lease asset (1) 28 11 Interest on lease liabilities (2) 3 1 Short-term lease costs 911 1,320 $ 6,116 $ 7,537 (1) Included in amortization costs in the consolidated statements of income (loss). (2) Included in interest expense in the consolidated statements of income (loss). |
Summary of Supplemental Cash Flow Information Related to Leases | For the year ended December 31, 2021, supplemental cashflow information related to leases were as follows (in thousands): 2021 Operating cash flows from operating leases $ (7,456 ) Financing cash outflows from finance leases (30 ) Right-of-use assets obtained for operating lease liabilities 3,582 Right-of-use assets obtained for finance lease liabilities — |
Summary of Other Information Related to Leases | For the year ended December 31, 2021, other information related to leases were as follows: 2021 Weighted average remaining lease term, in years - operating leases 10.4 Weighted average remaining lease term, in years - finance leases 3.2 Weighted average discount rate - operating leases 5.3 % Weighted average discount - finance leases 4.0 % |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Obligations | The Company’s long-term debt obligations as of December 31 were as follows (in thousands): 2021 2020 Recourse long-term debt ( 1) Convertible Senior Notes $ 125,000 $ 125,000 SEACOR Marine Foreign Holdings Credit Facility 86,470 100,750 Sea-Cat Crewzer III Term Loan Facility 19,178 21,653 SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt 18,705 19,705 SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing ( 2) 86,316 95,317 SEACOR Alpine Shipyard Financing ( 3) 29,734 31,103 SEACOR 88/888 Term Loan 5,500 5,500 Tarahumara Shipyard Financing 6,500 — SEACOR Offshore OSV 18,052 — Total recourse long-term debt 395,455 399,028 Non-recourse long-term debt ( 4) Falcon Global USA Term Loan Facility — 102,349 Falcon Global USA Revolver — 15,000 SEACOR 88/888 Term Loan 5,500 5,500 Total non-recourse long-term debt 5,500 122,849 Total principal due for long-term debt 400,955 521,877 Current portion due within one year (31,602 ) (32,377 ) Unamortized debt discount (33,398 ) (44,864 ) Deferred financing costs (3,193 ) (4,126 ) Long-term debt, less current portion $ 332,762 $ 440,510 Long-term debt related to Asset Held-for-Sale Windcat Workboats Facilities $ — $ 27,626 (1) Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements. (2) SEACOR Delta Shipyard Financing includes vessel financing on the eight vessels acquired in the SEACOSCO Acquisition (see “Note 3. Business Acquisitions ”). (3) SEACOR Alpine Shipyard Financing includes vessel financing on the SEACOR Alps, the SEACOR Andes and the SEACOR Atlas vessels. (4) Non-recourse debt represents debt issued by the Company’s Consolidated Subsidiaries with no recourse to SEACOR Marine or its other non-debtor operating subsidiaries with respect to the applicable instrument , other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition. |
Schedule of Long-term Debt Maturities | The Company’s contractual long-term debt maturities from continuing operations for the years ended December 31 were as follows (in thousands): 2022 $ 31,602 2023 252,247 2024 44,334 2025 12,629 2026 11,365 Years subsequent to 2026 48,778 $ 400,955 |
Schedule of Gain on Transactions Under Conditional Payoff Agreement | On June 24, 2021, the Company recognized a gain on transactions under the Conditional Payoff Agreement of approximately $62.0 million, calculated as follows: (In Thousands): June 24, 2021 Falcon Global USA Term Loan Facility $ 102,349 Falcon Global USA Revolver 15,000 Unamortized debt discount (4,600 ) Current Liabilities 112,749 Transaction Fees (755 ) Cash Paid (27,500 ) Hull and Machinery Insurance Proceeds (22,500 ) Gain on Troubled Debt Restructuring $ 61,994 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | Income (loss) before income tax benefit and equity in earnings (losses) of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31 were as follows (in thousands): 2021 2020 2019 United States $ 34,955 $ (83,560 ) $ (71,833 ) Foreign (29,425 ) (17,748 ) (23,663 ) Eliminations 1,097 3,201 11,022 $ 6,627 $ (98,107 ) $ (84,474 ) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands): 2021 2020 2019 Current: Federal $ — $ (30,838 ) $ (6 ) State 271 123 (78 ) Foreign 6,362 5,533 5,005 6,633 (25,182 ) 4,921 Deferred: Federal 4,892 2,435 (12,594 ) State (32 ) (139 ) (224 ) Foreign — (38 ) (72 ) 4,860 2,258 (12,890 ) $ 11,493 $ (22,924 ) $ (7,969 ) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31: 2021 2020 2019 Statutory rate 21.0 % (21.0 )% (21.0 )% Exclusion of foreign subsidiaries with current year losses and withholding tax 141.6 % 7.7 % 7.4 % U.S. federal income tax law changes — % (11.8 )% — % Non-Deductible Expenses 0.4 % — % — % JV equity earnings 3.8 % (0.3 )% — % Noncontrolling interests — % 1.3 % 1.7 % Return to provision 0.4 % (0.4 )% 2.8 % State Taxes 2.7 % (0.1 )% (0.3 )% Subpart F Income 2.0 % 0.3 % — % Share Award Plans 1.5 % 0.3 % — % Other — % 0.6 % — % Effective Tax Rate 173.4 % (23.4 )% (9.4 )% |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred income tax liabilities as of December 31 were as follows (in thousands): 2021 2020 Deferred tax liabilities: Property and equipment $ 63,802 $ 58,676 Investments in 50% or Less Owned Companies — 2,925 Other 3,459 4,819 Total deferred tax liabilities 67,261 66,420 Deferred tax assets: Federal Net Operating Loss Carryforwards 20,312 23,061 Other 8,803 10,073 29,115 33,134 Valuation Allowance (2,536 ) (2,536 ) Total deferred tax assets 26,579 30,598 Net deferred tax liabilities $ 40,682 $ 35,822 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Strategies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Assets and Liabilities | The fair values of the Company’s derivative instruments as of December 31 were as follows (in thousands): 2021 2020 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ — $ 1,831 $ — $ 3,698 — 1,831 — 3,698 Derivatives not designated as hedging instruments: Forward Exchange Contract — — — 893 Conversion option liability on Convertible Senior Notes — — — 2 $ — $ — $ — $ 895 |
Effect of Derivative Instruments on Other Comprehensive Income (Loss) | The following tables reflect amounts recorded in Other Comprehensive Income (Loss) (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated: Gains (Losses) Recognized in OCI on Derivatives (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2021 2020 2019 Interest rate swap contracts $ 219 $ (2,139 ) $ (1,901 ) Joint venture interest rate swap contracts (588 ) (156 ) (645 ) Losses Reclassified from OCI into Income (Effective Portion) Location of Loss 2021 2020 2019 Interest expense $ 1,648 $ 1,425 $ 552 |
Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments | The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the years ended December 31 as follows (in thousands): Derivative gains (losses), net 2021 2020 2019 Conversion option liability on Convertible Senior Notes $ 2 $ 5,203 $ 71 Forward currency exchange, option and future contracts 390 (893 ) — $ 392 $ 4,310 $ 71 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities as of December 31 that are measured at fair value on a recurring basis were as follows (in thousands): Level 1 Level 2 Level 3 2021 LIABILITIES Derivative instruments $ — $ 1,831 $ — 2020 LIABILITIES Derivative instruments $ — $ 4,591 $ — Conversion Option Liability on Convertible Senior Notes — — 2 |
Schedule of Estimated Fair Values of Financial Assets and Liabilities | The estimated fair values of the Company’s other financial assets and liabilities as of December 31 were as follows (in thousands): Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 2021 ASSETS Cash, cash equivalents and restricted cash $ 41,220 $ 41,220 $ — $ — LIABILITIES Long-term debt, including current portion 364,364 — 372,992 — 2020 ASSETS Cash, cash equivalents and restricted cash $ 36,018 $ 36,018 $ — $ — LIABILITIES Long-term debt, including current portion 472,887 — 470,561 — |
Noncontrolling Interests in S_2
Noncontrolling Interests in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests in the Company's Consolidated Subsidiaries | Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31 were as follows (in thousands): Noncontrolling Interests 2021 2020 VEESEA Holdings Inc. 1.8 % 320 319 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Equity Incentive Plan Transactions | Transactions in connection with the Company’s Equity Incentive Plans during the years ended December 31 were as follows: 2021 2020 Director Stock Awards Granted 189,030 59,900 Restricted Stock Activity: Outstanding as of the beginning of year 436,714 303,609 Granted 933,705 (1) 289,452 Vested 202,079 143,697 Forfeited 5,250 12,650 Outstanding as of the end of year 1,163,090 436,714 Stock Option Activity: Outstanding as of the beginning of year 1,120,541 913,569 Granted — 261,972 Exercised — — Forfeited 59,184 (2) 55,000 Outstanding as of the end of year 1,061,357 1,120,541 (1) Excludes 354,964 grants of performance-based stock units that are not (2) Forfeitures includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted. |
Schedule of Restricted Stock Transactions | During the year ended December 31, 2021, the number of shares and the weighted average grant price of restricted stock transactions were as follows: Restricted Stock Number of Shares Weight Average Grant Price Non-Vested as of December 31, 2020 436,714 $ 11.60 Granted 933,705 5.45 Vested 202,079 5.26 Forfeited 5,250 5.72 Non-Vested as of December 31, 2021 1,163,090 6.62 |
Schedule of Stock Option Transactions | During the year ended December 31, 2021, the number of shares and the weighted average exercise price on stock option transactions were as follows: Stock Options Number of Shares Weight Average Grant Price Non-Vested as of December 31, 2020 1,120,541 $ 12.49 Granted — — Exercised — — Forfeited (2) 59,184 15.70 Non-Vested as of December 31, 2021 1,061,357 12.39 Exercisable as of December 31, 2021 (1) 896,566 12.74 (1) The weighted average remaining contractual term is 6.7 years. (2) Forfeitures includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted. |
Major Customers and Segment I_2
Major Customers and Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands): United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2021 Operating Revenues: Time charter $ 15,487 $ 44,268 $ 53,146 $ 46,934 $ 159,835 Bareboat charter 1,549 — — 2,484 4,033 Other marine services 3,607 (1,338 ) 526 4,278 7,073 20,643 42,930 53,672 53,696 170,941 Direct Costs and Expenses: Operating: Personnel $ 8,836 $ 13,903 $ 22,191 $ 14,990 $ 59,920 Repairs and maintenance 3,394 6,772 6,701 7,250 24,117 Drydocking 2,082 1,159 2,639 467 6,347 Insurance and loss reserves 2,632 1,353 2,481 2,201 8,667 Fuel, lubes and supplies 1,204 4,109 3,459 3,261 12,033 Other 648 5,815 6,158 3,701 16,322 18,796 33,111 43,629 31,870 127,406 Direct Vessel (Loss) Profit $ 1,847 $ 9,819 $ 10,043 $ 21,826 $ 43,535 Other Costs and Expenses: Lease expense $ 2,621 $ 1,281 $ 472 $ 1,711 $ 6,085 Administrative and general 37,639 Depreciation and amortization $ 15,712 $ 12,856 $ 17,985 $ 10,842 57,395 101,119 Gain on asset dispositions 20,436 Operating loss $ (37,148 ) As of December 31, 2021 Property and Equipment: Historical cost $ 253,426 $ 223,039 $ 340,225 $ 208,594 $ 1,025,284 Accumulated depreciation (127,547 ) (71,820 ) (85,683 ) (32,247 ) (317,297 ) $ 125,879 $ 151,219 $ 254,543 $ 176,347 $ 707,987 Total Assets ( 1) $ 148,753 $ 167,185 $ 256,533 $ 250,594 $ 823,065 (1) Total assets exclude $89.4 million of corporate assets. United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2020 Operating Revenues: Time charter $ 9,873 $ 47,723 $ 52,052 $ 23,806 $ 133,454 Bareboat charter 2,910 (55 ) — — 2,855 Other 2,422 (135 ) 2,157 1,084 5,528 15,205 47,533 54,209 24,890 141,837 Direct Costs and Expenses: Operating: Personnel $ 10,065 $ 13,397 $ 18,188 $ 6,698 $ 48,348 Repairs and maintenance 1,655 5,643 5,232 2,131 14,661 Drydocking 1,167 2,014 759 329 4,269 Insurance and loss reserves 1,774 1,806 1,721 462 5,763 Fuel, lubes and supplies 1,172 3,260 2,706 990 8,128 Other 373 1,343 6,891 1,369 9,976 16,206 27,463 35,497 11,979 91,145 Direct Vessel (Loss) Profit $ (1,001 ) $ 20,070 $ 18,712 $ 12,911 $ 50,692 Other Costs and Expenses: Lease expense $ 4,272 $ 3,038 $ 170 $ 45 $ 7,525 Administrative and general 40,051 Depreciation and amortization $ 21,427 $ 13,664 $ 16,595 $ 5,481 57,167 104,743 Loss on asset dispositions and impairments, net (17,588 ) Operating loss $ (71,639 ) As of December 31, 2020 Property and Equipment: Historical cost $ 257,592 $ 262,998 $ 361,514 $ 130,769 $ 1,012,873 Accumulated depreciation (134,391 ) (68,486 ) (75,349 ) (13,312 ) (291,538 ) $ 123,201 $ 194,512 $ 286,165 $ 117,457 $ 721,335 Total Assets ( 1) $ 164,656 $ 227,894 $ 289,314 $ 179,942 $ 861,806 (1) Total assets exclude $105.6 million of corporate assets, and $50.2 million of discontinued operations United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations Middle East and Asia Latin America Total For the year ended December 31, 2019 Operating Revenues: Time charter $ 38,955 $ 52,325 $ 54,312 $ 11,460 $ 157,052 Bareboat charter 1,562 — — 3,569 5,131 Other 3,806 5,405 1,669 1,390 12,270 44,323 57,730 55,981 16,419 174,453 Direct Costs and Expenses: Operating: Personnel $ 17,491 $ 17,327 $ 16,698 $ 4,459 $ 55,975 Repairs and maintenance 7,583 5,288 7,182 1,348 21,401 Drydocking 4,594 493 600 161 5,848 Insurance and loss reserves 2,370 1,492 1,449 311 5,622 Fuel, lubes and supplies 2,936 3,726 2,904 1,056 10,622 Other 393 5,385 3,095 1,182 10,055 35,367 33,711 31,928 8,517 109,523 Direct Vessel Profit $ 8,956 $ 24,019 $ 24,053 $ 7,902 $ 64,930 Other Costs and Expenses: Lease expense $ 10,894 $ 4,763 $ 173 $ 10 $ 15,840 Administrative and general 39,791 Depreciation and amortization $ 21,947 $ 12,614 $ 16,400 $ 6,205 57,166 112,797 Loss on asset dispositions and impairments, net (6,461 ) Operating loss $ (54,328 ) As of December 31, 2019 Property and Equipment: Historical cost $ 297,392 $ 251,652 $ 292,446 $ 57,534 $ 899,024 Accumulated depreciation (157,514 ) (62,125 ) (73,039 ) (16,239 ) (308,917 ) $ 139,878 $ 189,527 $ 219,407 $ 41,295 $ 590,107 Total Assets ( 1) $ 224,229 $ 226,071 $ 250,890 $ 116,736 $ 817,926 (1) Total assets exclude $145.5 million of corporate assets, and $45.7 million of discontinued operations. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Assets Held for Sale | Summarized selected operating results of the Company’s assets held for sale and discontinued operations were as follows for the years ended December 31, (in thousands): 2020 Assets from Discontinued Operations: Current assets $ 10,138 Net property and equipment 34,580 Non-current assets 5,517 50,235 Liability from Discontinued Operations: Current liabilities $ 2,418 Long-term liabilities 28,509 $ 30,927 Windcat Workboats Boston Putford Offshore Safety 2021 2020 2019 2019 Operating Revenues: Time charter $ 903 $ 29,383 $ 25,249 $ 41,214 Other revenue 70 2,305 1,790 45 973 31,688 27,039 41,259 Costs and Expenses: Operating 578 17,334 14,202 33,836 Direct Vessel Profit 395 14,354 12,837 7,423 General and Administrative Expenses 238 5,516 4,935 4,207 Lease Expense 24 628 318 60 Depreciation — 6,166 6,846 3,504 Gain on Asset Dispositions and Impairments, Net — — 1,064 91 Operating Income (Loss) 133 2,044 1,802 (257 ) Other Income (Expense) Interest income 2 59 56 11 Interest expense (39 ) (1,115 ) (1,100 ) (210 ) Foreign currency translation (loss) 89 (750 ) 880 (75 ) Other, net — 19 — — 52 (1,787 ) (164 ) (274 ) Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax 185 257 1,638 (531 ) Income Tax Benefit — (86 ) 57 (2 ) Operating Income Before Equity Earnings of 50% or Less Owned Companies 185 343 1,581 (529 ) Equity in Earnings of 50% or Less Owned Companies, Net of Tax (16 ) 21 155 168 Net Income from Discontinued Operations $ 169 $ 364 $ 1,736 $ (361 ) 121 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | Description Balance Beginning of Year Reserves Acquired Charges (Recoveries) to Cost and Expenses Deductions Balance End of Year Year Ended December 31, 2021 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 582 $ 3 $ 735 $ (8 ) $ 1,312 Year Ended December 31, 2020 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 455 $ 18 $ 230 $ (121 ) $ 582 Year Ended December 31, 2019 Allowance for credit loss reserves (deducted from trade and notes receivable) $ 860 $ — $ (405 ) $ — $ 455 |
Nature of Operations and Acco_4
Nature of Operations and Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||||||
Dec. 31, 2021USD ($)SegmentVesselshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jul. 23, 2021 | Jun. 01, 2021 | Dec. 02, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 20, 2018 | |
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of reportable segments | Segment | 4 | ||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 49.00% | ||||||
Contract with customer, liability | $ 321,000 | $ 3,307,000 | $ 4,755,000 | $ 1,327,000 | |||||
Inventory reserves | 0 | 0 | 0 | ||||||
Net book value | 707,987,000 | 721,335,000 | 590,107,000 | ||||||
Capitalized interest costs, including allowance for funds used during construction, total | 300,000 | 900,000 | 1,500,000 | ||||||
Impairment of long-lived assets held-for-use | 18,800,000 | ||||||||
Partial impairment of right to use assets | 5,300,000 | ||||||||
Equity method investment, other than temporary impairment | $ 0 | $ 0 | 0 | ||||||
Deferred gain activity reclassed to retained earnings | 11,000,000 | ||||||||
Deferred gain on sale of property other adjustments | 800,000 | ||||||||
Deferred gain net | $ 0 | ||||||||
Incremental common shares attributable to conversion of debt securities, total | shares | 1,439,483 | 1,488,292 | 1,826,966 | ||||||
Right-of-use asset - operating leases | $ 6,608,000 | $ 7,134,000 | |||||||
Operating Lease, Liability | 6,871,000 | ||||||||
Cumulative effect on retained earnings, net of tax | (22,907,000) | (51,839,000) | |||||||
Deferred taxes | $ 67,261,000 | $ 66,420,000 | |||||||
Change in Accounting Principle for Unamortized Deferred Gains | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Deferred gain net | $ 11,000 | ||||||||
Deferred taxes | 2,300 | ||||||||
Accounting Standards Update 2016-02 | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Right-of-use asset - operating leases | 33,700,000 | ||||||||
Operating Lease, Liability | 31,900,000 | ||||||||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||||||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2019 | ||||||||
Change in accounting principle, accounting standards update, immaterial effect [true false] | false | ||||||||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | Change in Accounting Principle for Equipment, Office and Land Leases | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Cumulative effect on retained earnings, net of tax | 1,700,000 | ||||||||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | Change in Accounting Principle for Unamortized Deferred Gains | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Cumulative effect on retained earnings, net of tax | $ 8,700,000 | ||||||||
Performance Share Awards | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of shares issued | shares | 157,455 | 149,200 | 109,600 | ||||||
Number of shares outstanding | shares | 354,964 | ||||||||
Restricted Stock | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 1,112,256 | 436,714 | 303,609 | ||||||
Dilutive securities included in computation of earnings per share, amount | shares | 50,834 | ||||||||
Employee Stock Option | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 1,061,357 | 1,120,541 | 913,569 | ||||||
Continuing Operations | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Depreciation, total | $ 57,400,000 | $ 57,200,000 | $ 57,200,000 | ||||||
Discontinued Operations | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Depreciation, total | $ 0 | 6,200,000 | 6,800,000 | ||||||
Net book value | $ 24,300,000 | ||||||||
Offshore Support Vessels | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Estimated useful life (Year) | 20 years | ||||||||
ERRVs | Discontinued Operations | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Depreciation, total | 3,500,000 | ||||||||
Liftboat Vessels | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Additional impairment of right-to-use assets | 7,000,000 | ||||||||
Anchor Handling Towing Supply | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Additional impairment of right-to-use assets | 500,000 | ||||||||
Specialty Vessel | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Additional impairment of right-to-use assets | 1,200,000 | ||||||||
Vessel Under Construction | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Additional impairment of right-to-use assets | $ 4,800,000 | ||||||||
Contract Completions and Certain Reclassifications | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Contract with customer, liability, revenue recognized | $ 1,500,000 | ||||||||
Prepaid Vessel Management Fees | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Contract with customer, liability, revenue recognized | 2,000,000 | ||||||||
Geographic Distribution, Domestic | Prepaid Charter Modification And Reservation | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Contract with customer, liability | $ 300,000 | ||||||||
Minimum | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Equity method investment, ownership percentage | 20.00% | ||||||||
Minimum | SEACOR Marine Foreign Holdings | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Maximum | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||
OVH | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels owned | Vessel | 4 | ||||||||
CME | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | ||||||||
Subsidiaries of CME | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | ||||||||
MexMar | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels owned | Vessel | 16 | ||||||||
Equity method investment, ownership percentage | 49.00% | ||||||||
SMI | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.00% | ||||||||
UNITED STATES | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels | Vessel | 15 | ||||||||
Number of vessels owned | Vessel | 12 | ||||||||
Number of vessels leased-in | Vessel | 2 | ||||||||
Number of vessels managed-in | Vessel | 1 | ||||||||
Net book value | $ 125,879,000 | $ 123,201,000 | 139,878,000 | ||||||
Africa and Europe | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels | Vessel | 16 | ||||||||
Number of vessels owned | Vessel | 15 | ||||||||
Number of vessels leased-in | Vessel | 1 | ||||||||
Net book value | $ 151,219,000 | 194,512,000 | 189,527,000 | ||||||
Middle East and Asia | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels | Vessel | 20 | ||||||||
Number of vessels owned | Vessel | 20 | ||||||||
Net book value | $ 254,543,000 | 286,165,000 | 219,407,000 | ||||||
Latin America | |||||||||
Nature Of Operations And Accounting Policies [Line Items] | |||||||||
Number of vessels | Vessel | 30 | ||||||||
Number of vessels owned | Vessel | 10 | ||||||||
Number of vessels joint ventured | Vessel | 20 | ||||||||
Net book value | $ 176,347,000 | $ 117,457,000 | $ 41,295,000 |
Nature of Operations and Acco_5
Nature of Operations and Accounting Policies - Schedule Of Deferred Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Nature Of Operation And Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 3,307 | $ 4,755 | $ 1,327 |
Revenues deferred during the year | 510 | 2,042 | 8,134 |
Revenues recognized and reclassifications during the year | (3,496) | (3,490) | (4,706) |
Balance at end of year | $ 321 | $ 3,307 | $ 4,755 |
Nature of Operations and Acco_6
Nature of Operations and Accounting Policies - Schedule Of Cash, Cash Equivalents And Restricted Cash From Continuing Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Nature Of Operation And Accounting Policies [Abstract] | ||
Cash | $ 37,619 | $ 32,666 |
Restricted cash | 3,601 | 3,352 |
Total | $ 41,220 | $ 36,018 |
Nature of Operations and Acco_7
Nature of Operations and Accounting Policies - Summary of Property and Equipment from Continuing Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Historical cost | $ 1,025,284 | [1] | $ 1,012,873 | [1] | $ 899,024 | |
Accumulated depreciation | (317,297) | (291,538) | (308,917) | |||
Net book value | 707,987 | 721,335 | $ 590,107 | |||
Offshore Support Vessels, Anchor Handling Towing Supply | ||||||
Historical cost | [1],[2] | 49,632 | 50,189 | |||
Accumulated depreciation | [2] | (33,200) | (31,779) | |||
Net book value | [2] | 16,432 | 18,410 | |||
Fast Support Vessels | ||||||
Historical cost | [1],[3] | 362,309 | 375,747 | |||
Accumulated depreciation | [3] | (116,878) | (104,739) | |||
Net book value | [3] | 245,431 | 271,008 | |||
Offshore Support Vessels, Supply | ||||||
Historical cost | [1] | 282,243 | 238,624 | |||
Accumulated depreciation | (20,613) | (15,991) | ||||
Net book value | 261,630 | 222,633 | ||||
Offshore Support Vessels, Specialty | ||||||
Historical cost | [1] | 3,163 | ||||
Accumulated depreciation | (3,138) | |||||
Net book value | 25 | |||||
Offshore Support Vessels, Liftboats | ||||||
Historical cost | [1] | 301,992 | [4] | 321,751 | ||
Accumulated depreciation | (120,823) | [4] | (117,364) | |||
Net book value | 181,169 | [4] | 204,387 | |||
General Machinery and Spares | ||||||
Historical cost | [1] | 8,814 | 7,746 | |||
Accumulated depreciation | (8,463) | (7,733) | ||||
Net book value | 351 | 13 | ||||
Property, Plant and Equipment, Other Types | ||||||
Historical cost | [1],[5] | 17,131 | 15,653 | |||
Accumulated depreciation | [5] | (14,182) | (10,794) | |||
Net book value | [5] | $ 2,949 | 4,859 | |||
Crew Transfer Vessels | ||||||
Historical cost | [1] | 3,163 | ||||
Accumulated depreciation | (3,138) | |||||
Net book value | $ 25 | |||||
[1] | Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. | |||||
[2] | Anchor Handling Towing (“AHTS”). | |||||
[3] | Fast support vessels (“FSVs”) | |||||
[4] | As of December 31, 2021, the Company classified a liftboat included in the United States, primarily Gulf of Mexico segment, with a carrying value of $0.3 million, as an asset held for sale , in the normal course of business, the Company sold the liftboat for net proceeds of $3.2 million in cash and recorded a gain of $2.7 million after transaction costs of $0.2 million. | |||||
[5] | Includes land, buildings, leasehold improvements, vehicles and other property and equipment. As of December 31, 2021, the Company classified a building included in the Middle East and Asia segment, with a carrying value of $2.0 million, as held for sale. In January 2022, the Company sold the building for net proceeds of $2.4 million in cash and recorded a gain of $0.4 million. |
Nature of Operations and Acco_8
Nature of Operations and Accounting Policies - Summary of Property and Equipment from Continuing Operations (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Offshore Support Vessels, Liftboats | |
Carrying value of assets held for sale | $ 0.3 |
Net proceeds from sale of assets | 3.2 |
Gain on sale of assets held for sale | 2.7 |
Transaction costs | 0.2 |
Building | |
Carrying value of assets held for sale | 2 |
Net proceeds from sale of assets | 2.4 |
Gain on sale of assets held for sale | $ 0.4 |
Nature of Operations and Acco_9
Nature of Operations and Accounting Policies - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | $ 401,836 | $ 565,351 | |
Other comprehensive income | 5,265 | $ 1,242 | 18,163 |
Income tax benefit (expense) | (173) | ||
Balance | 446,541 | 401,836 | |
Accumulated Foreign Currency Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 6,797 | 4,685 | (15,472) |
Other comprehensive income | 3,986 | 2,112 | 20,157 |
Balance | 10,783 | 6,797 | 4,685 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (4,007) | (3,137) | (1,316) |
Other comprehensive income | 1,279 | (870) | (1,994) |
Income tax benefit (expense) | 173 | ||
Balance | (2,728) | (4,007) | (3,137) |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 2,790 | 1,548 | (16,788) |
Other comprehensive income | 5,265 | 1,242 | 18,163 |
Income tax benefit (expense) | 173 | ||
Balance | 8,055 | 2,790 | 1,548 |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (1,445) | (1,445) | (1,445) |
Balance | (1,445) | (1,445) | (1,445) |
Accumulated Loss, Net, Cash Flow Hedge, Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | (11) | (11) | (11) |
Balance | (11) | (11) | (11) |
AOCI Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance | 1,242 | 18,336 | (4,395) |
Other comprehensive income | 5,265 | 1,242 | 18,163 |
Income tax benefit (expense) | 173 | ||
Balance | $ 5,265 | $ 1,242 | $ 18,336 |
Transformation, Facility Rest_3
Transformation, Facility Restructuring and Severance Charges - Additional Information (Details) - Transformation Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and related activities, description | The transformation plan, which began in the third quarter of 2019 and extended through the third quarter of 2020 (the “Transformation Plan”), included a workforce reduction, organization restructuring, facility consolidations and other cost reduction measures and efficiency initiatives across the Company’s geographic regions. | ||
Restructuring Costs | $ 4,900,000 | ||
Accrued liabilities associated with plan | $ 0 | ||
Restructuring charges | $ 1,187,000 | $ 3,718,000 | |
Severance charges | 1,100,000 | ||
Other restructuring charges | $ 62,000 | $ 339,000 |
Transformation, Facility Rest_4
Transformation, Facility Restructuring and Severance Charges - Schedule of Components of Restructuring Charges (Details) - Transformation Plan - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||
Severance Charges | $ 1,125 | $ 3,379 |
Other Charges | 62 | 339 |
Total Charges | 1,187 | 3,718 |
UNITED STATES | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance Charges | 275 | 2,995 |
Other Charges | 31 | 307 |
Total Charges | 306 | 3,302 |
Africa and Europe, Continuing Operations | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance Charges | 185 | 200 |
Total Charges | 185 | 200 |
Middle East and Asia | ||
Restructuring Cost And Reserve [Line Items] | ||
Severance Charges | 665 | 184 |
Other Charges | 31 | 31 |
Total Charges | $ 696 | $ 215 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021USD ($)Vesselshares | Dec. 31, 2021USD ($)Vesselshares | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($)Vessel | May 31, 2020 | |
Merger Agreement | Common Stock [Member] | Merger Consideration | |||||
Common stock issued | shares | 1,567,935 | ||||
OSV Partners | Merger Agreement | Limited Partner | |||||
Business combination, assumed and guarantee amount | $ 18.1 | ||||
Quarterly principal payments | $ 0.5 | ||||
Percentage of interest accrues under credit facility plus mandatory cost | 4.68% | ||||
Debt instrument, maturity date | Dec. 31, 2023 | ||||
OSV Partners | Merger Agreement | Limited Partner | Platform Supply Vessels | |||||
Number of vessels owned | Vessel | 5 | 5 | |||
Percentage of voting interests acquired | 100.00% | 100.00% | |||
Average age of vessels | 7 years | ||||
OSV Partners | Merger Agreement | Common Stock [Member] | Limited Partner | |||||
Common stock issued | shares | 1,567,935 | ||||
OSV Partners | Merger Agreement | Common Stock [Member] | Merger Consideration | |||||
Common stock issued | shares | 531,872 | 1,567,935 | |||
OSV Partners | Merger Agreement | Common Stock [Member] | PIK Loan Consideration | Limited Partner | |||||
Common stock issued | shares | 1,036,063 | ||||
SEACOR Offshore Delta LLC | Sale And Purchase Agreement | |||||
Purchase price payable for membership interest | $ 28.2 | ||||
Purchase price payable to sellers at closing of transaction | 8.4 | ||||
Purchase price for membership interests annual installment payment in first year | 1 | ||||
Purchase price for membership interests annual installment payment in second year | 2.5 | ||||
Purchase price for membership interests annual installment payment in third year | 2.5 | ||||
Purchase price for membership interests annual installment payment in fourth year | $ 13.7 | ||||
Purchase price fixed accrued interest rate in first year | 1.50% | ||||
Purchase price fixed accrued interest rate in second year | 7.00% | ||||
Purchase price fixed accrued interest rate in third year | 7.50% | ||||
Purchase price fixed accrued interest rate in fourth year | 8.00% | ||||
SEACOR Offshore Delta LLC | Sale And Purchase Agreement | Platform Supply Vessels | |||||
Number of vessels owned | Vessel | 8 | 8 | 8 | ||
Number of vessels owned with high specification | Vessel | 2 | 2 | |||
Number of vessels owned with identical specification | Vessel | 6 | 6 | |||
SEACOR Offshore Delta LLC | Deferred Purchase Agreements | Platform Supply Vessels | |||||
Business acquisition, aggregate amount outstanding | $ 86.3 | $ 86.3 | $ 95.3 | $ 100.8 | |
Business acquisition, amortization period of purchase price | 10 years | ||||
Debt instrument, description of floating interest rate basis | three-month LIBOR plus 4.0 | ||||
Debt instrument, basis spread on floating interest rate | 4.00% | ||||
Number of vessels delivered to the company | Vessel | 7 | 7 | |||
SEACOR Offshore Delta LLC | Merger Agreement | Sale And Purchase Agreement | |||||
Percentage of voting interests acquired | 100.00% | ||||
SEACOR Offshore Delta LLC | Merger Agreement | Sale And Purchase Agreement | SEACOR Offshore Asia | |||||
Percentage of voting interests acquired | 50.00% |
Business Acquisitions - Summary
Business Acquisitions - Summary of Purchase Price Allocation of Acquired Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Schedule Of Investments [Line Items] | ||||
Equity Investment | $ (71,727) | $ (75,308) | ||
OSV Partners | ||||
Schedule Of Investments [Line Items] | ||||
Current Assets | 6,181 | |||
Fixed Assets | 35,176 | |||
Current Liabilities | (2,186) | |||
Long-Term Liabilities | (15,962) | |||
Total Cost Basis for Purchase | 23,209 | |||
Purchase Price | (5,331) | |||
Acquisition costs | (598) | |||
Equity Investment | (17,280) | $ (9,094) | [1] | |
Total Cost Basis for Purchase | $ (23,209) | |||
SEACOR Offshore Delta LLC | ||||
Schedule Of Investments [Line Items] | ||||
Current Assets | $ 7,700 | |||
Fixed Assets | 142,282 | |||
Current Liabilities | (23,929) | |||
Book Value of Debt Acquired | (100,759) | |||
Discount on Debt Acquired | 25,190 | |||
Fair Value of Debt Acquired | (75,569) | |||
Total Cost Basis for Purchase | 50,484 | |||
Purchase Price | (28,150) | |||
Acquisition costs | (112) | |||
Equity Investment | (22,222) | |||
Total Cost Basis for Purchase | $ (50,484) | |||
[1] | The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. |
Equipment Acquisitions and Di_3
Equipment Acquisitions and Dispositions - Additional Information (Details) | Jan. 12, 2021USD ($) | Jan. 12, 2021GBP (£) | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($)Vessel | Dec. 31, 2019USD ($)Vessel | Dec. 31, 2019GBP (£)Vessel | ||
Property Plant And Equipment [Line Items] | ||||||||
Capital expenditures and payments on equipment | $ 7,000,000 | $ 20,800,000 | $ 44,800,000 | |||||
Issuance of stock | $ 10,000 | |||||||
Acquired | 1 | [1] | 4 | [2] | 4 | 4 | ||
Proceeds from sale of business | $ 30,137,000 | $ 20,674,000 | $ 55,321,000 | |||||
Property plant equipment consideration transferred | 30,100,000 | |||||||
Net book value | 723,518,000 | 753,662,000 | ||||||
ERRV Fleet Business | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain (loss) on disposition of property, plant and equipment | (9,100,000) | |||||||
Proceeds from sale of business | 27,390,000 | |||||||
Net book value | 23,400,000 | |||||||
Additional consideration | 0 | $ 0 | 5,200,000 | £ 4,000,000 | ||||
North Sea ERRV Fleet | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain (loss) on disposition of property, plant and equipment | 5,500,000 | |||||||
Proceeds from deposits | 1,100,000 | |||||||
Proceeds from sale of property, plant, and equipment, including deposits | 55,300,000 | |||||||
Proceeds from sale of property, plant, and equipment, excluding deposits for future vessel sales | $ 54,200,000 | |||||||
Falcon Global U S A Term Loan Facility | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Reduced of debt under credit facility | $ 22,500,000 | |||||||
Crew Transfer Vessels | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Sale of equity percentage | 100.00% | 100.00% | ||||||
Aggregate purchase price | £ | £ 32,800,000 | |||||||
Issuance of stock | $ 42,600,000 | |||||||
Debt outstanding under revolving credit facility | £ | £ 20,400,000 | |||||||
Acquired | Vessel | 41 | |||||||
Number of additional joint ventures held interests | Vessel | 5 | |||||||
Windcat Workboats | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain (loss) on disposition of property, plant and equipment | 22,756,000 | |||||||
Proceeds from sale of business | $ 38,715,000 | |||||||
Vessel Under Construction | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain (loss) on disposition of property, plant and equipment | $ 1,200,000 | |||||||
Proceeds from property, plant, and equipment, including deposits and gain on sale | 21,600,000 | |||||||
Proceeds from sale of business | 20,700,000 | |||||||
Proceeds from deposits | $ 900,000 | |||||||
Vessel under Construction and Other Equipment | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 1 | |||||||
Anchor Handling Towing Supply | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 2 | |||||||
Anchor Handling Towing Supply | North Sea ERRV Fleet | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 1 | 1 | ||||||
Specialty Vessel | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 1 | |||||||
Fast Support Vessels | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Acquired | 2 | 2 | ||||||
Number of equipment sold | Vessel | 3 | 4 | ||||||
Fast Support Vessels | North Sea ERRV Fleet | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 5 | 5 | ||||||
Platform Supply Vessels | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 1 | |||||||
Platform Supply Vessels | North Sea ERRV Fleet | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 5 | 5 | ||||||
Platform Supply Vessels And Fast Support Vessels | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain (loss) on disposition of property, plant and equipment | $ 20,900,000 | |||||||
Proceeds from sale of business | $ 25,000,000 | |||||||
Vessels | ERRV Fleet Business | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 18 | 18 | ||||||
Liftboats | North Sea ERRV Fleet | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Number of equipment sold | Vessel | 3 | 3 | ||||||
[1] | Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). | |||||||
[2] | Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). |
Equipment Acquisitions and Di_4
Equipment Acquisitions and Dispositions - Schedule of Vessel Acquired and Disposed (Details) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Property Plant And Equipment [Line Items] | ||||||
Acquired | 1 | [1] | 4 | [2] | 4 | |
Removed from service | 5 | [3] | 10 | [4] | 14 | |
Fast Support Vessels | ||||||
Property Plant And Equipment [Line Items] | ||||||
Acquired | 2 | |||||
Removed from service | 3 | [3] | 4 | [4] | 5 | |
Offshore Support Vessels, Supply | ||||||
Property Plant And Equipment [Line Items] | ||||||
Acquired | 1 | [1] | 4 | [2] | 2 | |
Removed from service | 1 | [3] | 1 | [4] | 5 | |
Anchor Handling Towing Supply | ||||||
Property Plant And Equipment [Line Items] | ||||||
Removed from service | 2 | [4] | 1 | |||
Offshore Support Vessels, Liftboats | ||||||
Property Plant And Equipment [Line Items] | ||||||
Removed from service | 1 | [3] | 1 | [4] | 3 | |
Specialty Vessel | ||||||
Property Plant And Equipment [Line Items] | ||||||
Removed from service | [4] | 2 | ||||
[1] | Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). | |||||
[2] | Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). | |||||
[3] | Excludes four liftboats that were previously removed from service. | |||||
[4] | Excludes three vessels that were previously removed from service (two AHTS vessels and one specialty vessel). |
Equipment Acquisitions and Di_5
Equipment Acquisitions and Dispositions - Schedule of Vessel Acquired and Disposed (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2021Vessel | Dec. 31, 2020Vessel | Dec. 31, 2019Vessel | |
Property Plant And Equipment [Line Items] | |||
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions | 3 | ||
Platform Supply Vessels | |||
Property Plant And Equipment [Line Items] | |||
Number of equipment acquired excludes from deliveries of offshore support vessels | 5 | 7 | |
Crew Transfer Vessels | |||
Property Plant And Equipment [Line Items] | |||
Number of equipment held for sale excluded from deliveries of offshore support vessels | 3 | 2 | |
Offshore Support Vessels, Liftboats | |||
Property Plant And Equipment [Line Items] | |||
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions | 4 | ||
Anchor Handling Towing Supply | |||
Property Plant And Equipment [Line Items] | |||
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions | 2 | ||
Specialty Vessel | |||
Property Plant And Equipment [Line Items] | |||
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions | 1 |
Equipment Acquisitions and Di_6
Equipment Acquisitions and Dispositions - Schedule of Gain on Sale of Windcat Workboats (Details) - USD ($) $ in Thousands | Jan. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||||
Total Net Proceeds | $ 30,137 | $ 20,674 | $ 55,321 | |
Windcat Workboats | ||||
Property Plant And Equipment [Line Items] | ||||
Total Proceeds Received | $ 43,797 | |||
Transactions Fees and other Costs | 1,562 | |||
Cash Sold | 3,520 | |||
Total Net Proceeds | 38,715 | |||
Less: Net Equity in Windcat Workboats, net of cash sold | 15,790 | |||
Less: January Income on Discontinued Operations | 169 | |||
Gain on Sale of Windcat Workboats | $ 22,756 |
Investments, at Equity, and A_3
Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 23, 2021 | Jun. 01, 2021 | Dec. 20, 2018 | |||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | 50.00% | 49.00% | |||||
Investments at equity | $ 71,727 | $ 75,308 | ||||||
Current assets | 108,778 | 178,696 | ||||||
Current liabilities | 84,665 | 131,804 | ||||||
Operating Revenues | 170,941 | 141,837 | $ 174,453 | |||||
Operating (Loss) Income | 33,137 | (83,346) | (100,070) | |||||
Net Income (Loss) | $ 33,137 | $ (82,982) | (98,695) | |||||
Minimum [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 20.00% | |||||||
Maximum | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | 50.00% | ||||||
MexMar | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 49.00% | |||||||
Investments at equity | $ 59,940 | $ 50,037 | ||||||
OSV Partners | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | [1] | 30.40% | ||||||
Investments at equity | $ 17,280 | 9,094 | [1] | |||||
SEACOR Marlin LLC | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 49.00% | |||||||
Investments at equity | $ 6,958 | 7,979 | ||||||
MEXMAR Offshore | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | [2] | 49.00% | ||||||
Investments at equity | [2] | 1,960 | ||||||
Offshore Vessel Holdings | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 49.00% | |||||||
Investments at equity | $ 1,847 | 2,388 | ||||||
Other Offshore Marine Services Joint Ventures | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Investments at equity | $ 2,982 | 3,850 | ||||||
Other Offshore Marine Services Joint Ventures | Minimum [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 20.00% | |||||||
Other Offshore Marine Services Joint Ventures | Maximum | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Ownership percentage | 50.00% | |||||||
All Other Excluding MexMar, Falcon Global, Sea-Cat Crewzer and Sea-Cat Crewzer II | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Operating and administrative | $ 139,313 | 142,228 | 116,517 | |||||
Depreciation | 23,524 | 27,044 | 27,412 | |||||
Costs and expenses | 162,837 | 169,272 | 143,929 | |||||
Loss on Asset Dispositions and Impairments, Net | (166) | |||||||
Operating (Loss) Income | (6,258) | (8,491) | (7,405) | |||||
Net Income (Loss) | 41,798 | (18,229) | (36,816) | |||||
All Other Excluding MexMar, Falcon Global, Sea-Cat Crewzer and Sea-Cat Crewzer II | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Current assets | 119,559 | 109,687 | ||||||
Noncurrent assets | 181,712 | 259,424 | ||||||
Current liabilities | 93,304 | 109,074 | ||||||
Noncurrent liabilities | 65,902 | 115,626 | ||||||
Operating Revenues | $ 156,579 | $ 160,781 | $ 136,690 | |||||
[1] | The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. | |||||||
[2] | This j oint v enture holds the investment in UP Offshore . The Company received a cash distribution in excess of its investment in MEXMOR Offshore during 2021. The distribution exceeded the investment value by $ 9.4 million and this amount was recognized as gain from return of investments in 50 % or less owned companies. On December 9, 2021, the Company sold their ownership in this joint venture to the majority shareholder. See details below. |
Investments, at Equity, and A_4
Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Jul. 23, 2021 | Jun. 01, 2021 | Dec. 31, 2020 | Dec. 20, 2018 | ||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 49.00% | |||
Maximum | ||||||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Minimum [Member] | ||||||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 20.00% | |||||
General Partner | ||||||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 66.70% | |||||
OSV Partners | ||||||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | [1] | 30.40% | ||||
OSV Partners | Limited Partner | ||||||
Schedule Of Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 29.70% | |||||
Mexmar Offshore International | Equity Method Investments | ||||||
Schedule Of Investments [Line Items] | ||||||
Investment, distribution exceeded | $ 9.4 | |||||
[1] | The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. |
Investments, at Equity, and A_5
Investments, at Equity, and Advances to 50% or Less Owned Companies - Additional Information (Details) | Dec. 10, 2021USD ($) | Dec. 09, 2021USD ($) | Jul. 23, 2021USD ($)Vessel | Jun. 01, 2021USD ($)Vessel | Dec. 28, 2018USD ($) | Sep. 13, 2018USD ($) | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Equipment | Dec. 20, 2018 |
Schedule Of Investments [Line Items] | ||||||||||
Consolidated retained earnings | $ 38,700,000 | |||||||||
Capital distributions from equity investees | $ 9,442,000 | |||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 49.00% | |||||||
Maximum | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||||
Minimum [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 20.00% | |||||||||
Mexmar Offshore International | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 49.00% | |||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||
Mexmar Offshore International | UP Offshore | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Purchase price | $ 30,200,000 | |||||||||
Percentage of gain from equity earnings | 50.00% | |||||||||
Gain on equity earnings | $ 2,600,000 | |||||||||
MEXMAR Offshore | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Gain on equity earnings | $ 2,600,000 | |||||||||
Received distribution from joint ventures | 12,000,000 | |||||||||
Aggregate purchase price | $ 9,400,000 | |||||||||
Number of vessels owned | Vessel | 3 | |||||||||
Number of vessels joint ventured | Vessel | 2 | |||||||||
Transferred equity interest | 49.00% | |||||||||
Equity interest transferred consideration and transaction fee. | $ 200,000 | |||||||||
Offshore Vessel Holdings | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | |||||||||
Noncontrolling Interest, ownership percentage by parent | 49.00% | |||||||||
Payments to acquire interest in joint venture | $ 4,900,000 | |||||||||
Contributed capital | $ 10,000,000 | |||||||||
Financing agreement | $ 2,400,000 | |||||||||
Management fees | $ 1,000,000 | |||||||||
OVH and OPEM | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Settled loan | $ 10,000,000 | |||||||||
Early repayment of debt | 10,500,000 | |||||||||
Forgiveness of accrued interest | $ 4,100,000 | |||||||||
Offshore Support Vessels, Supply | Mexmar Offshore International | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of vessels sold | Vessel | 8 | |||||||||
Offshore Support Vessels, Supply | Offshore Vessel Holdings | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of equipment operated | Equipment | 3 | |||||||||
Jack up Drillings [Member] | Offshore Vessel Holdings | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of equipment operated | Equipment | 2 | |||||||||
F S V Offshore Support Vessels | Offshore Vessel Holdings | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of equipment operated | Equipment | 1 | |||||||||
MexMar | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Capital distributions from equity investees | 0 | $ 0 | $ 0 | |||||||
Revenue from related parties | $ 300,000 | 300,000 | 300,000 | |||||||
Equity method investment, ownership percentage | 49.00% | |||||||||
Number of vessels owned | Vessel | 16 | |||||||||
MexMar | Offshore Support Vessels | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of equipment operated | Vessel | 16 | |||||||||
SEACOR Marlin LLC | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Capital distributions from equity investees | $ 2,500,000 | 0 | 0 | |||||||
Equity method investment, ownership, percent sold | 51.00% | |||||||||
Proceeds from divestiture of interest in joint venture | $ 8,000,000 | |||||||||
Gain (loss) on disposition of business | $ 400,000 | |||||||||
Equity method investment, ownership percentage | 49.00% | |||||||||
Other Offshore Marine Services Joint Ventures | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Number of equipment operated | Vessel | 0 | |||||||||
Capital distributions from equity investees | $ 2,000,000 | 2,100,000 | 2,100,000 | |||||||
Revenue from related parties | $ 0 | $ 0 | ||||||||
Return of capital equity method investment | 500,000 | |||||||||
Other Offshore Marine Services Joint Ventures | Maximum | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Revenue from related parties | $ 100,000 | |||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||
Other Offshore Marine Services Joint Ventures | Minimum [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Equity method investment, ownership percentage | 20.00% |
Construction Reserve Funds - Ad
Construction Reserve Funds - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)ExtensionPeriod | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Restricted Cash And Investments [Abstract] | |||
Construction reserve funds commitment period | 3 years | ||
Number of extension period | ExtensionPeriod | 2 | ||
Construction reserve funds extension period | 1 year | ||
Short-term construction reserve funds | $ 0 | $ 4.2 | |
Construction reserve fund withdrawals | $ 4.2 | $ 9.1 | $ 15.2 |
Leases - Additional Information
Leases - Additional Information (Details) | Jan. 01, 2019USD ($) | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | ||||
Right-of-use asset - operating leases | $ 6,608,000 | $ 7,134,000 | ||
Operating Lease, Liability | 6,871,000 | |||
Accumulated deficit | (22,907,000) | (51,839,000) | ||
Operating lease, impairment loss | $ 0 | $ 5,900,000 | $ 5,300,000 | |
Number of operating leases impaired | 2 | 1 | ||
Anchor Handling Towing Supply | ||||
Lessee Lease Description [Line Items] | ||||
Number of operating leases on equipment | Vessel | 2 | |||
Vessels | Minimum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, lease terms (in duration) | 3 months | |||
Vessels | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, lease terms (in duration) | 23 months | |||
Other Equipment | Minimum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, lease terms (in duration) | 11 months | |||
Other Equipment | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, lease terms (in duration) | 300 months | |||
Machinery and Equipment | Maximum | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease, lease terms (in duration) | 12 months | |||
Accounting Standards Update 2016-02 | ||||
Lessee Lease Description [Line Items] | ||||
Right-of-use asset - operating leases | $ 33,700,000 | |||
Operating Lease, Liability | 31,900,000 | |||
Accounting Standards Update 2016-02 | Change in Accounting Principle for Unamortized Deferred Gains | ||||
Lessee Lease Description [Line Items] | ||||
Cumulative effect on retained earnings, Before tax | 11,000,000 | |||
Cumulative effect on retained earnings, Tax | 2,300,000 | |||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | Change in Accounting Principle for Equipment, Office and Land Leases | ||||
Lessee Lease Description [Line Items] | ||||
Accumulated deficit | 1,700,000 | |||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | Change in Accounting Principle for Unamortized Deferred Gains | ||||
Lessee Lease Description [Line Items] | ||||
Accumulated deficit | $ 8,700,000 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments For Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 2,232 | |
2023 | 1,561 | |
2024 | 451 | |
2025 | 515 | |
2026 | 459 | |
Years subsequent to 2026 | 3,614 | |
Operating lease payments due | 8,832 | |
Interest component | (1,961) | |
Total operating leases | 6,871 | |
Current portion of operating lease liabilities | 1,986 | $ 7,030 |
Long-term operating lease liabilities | 4,885 | 4,345 |
Finance Leases | ||
2022 | 36 | |
2023 | 36 | |
2024 | 37 | |
2025 | 6 | |
Total finance leases | 115 | |
Interest component | (6) | |
Finance Leases | 109 | |
Current portion of finance lease liabilities | 33 | 36 |
Long-term finance lease liabilities | $ 76 | $ 105 |
Leases - Summary of Components
Leases - Summary of Components of Leases Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Leases [Abstract] | |||
Operating lease cost | $ 5,174 | $ 6,205 | |
Finance lease cost: | |||
Amortization of finance lease asset | [1] | 28 | 11 |
Interest on lease liabilities | [2] | 3 | 1 |
Short-term lease costs | 911 | 1,320 | |
Total lease expense | $ 6,116 | $ 7,537 | |
[1] | Included in amortization costs in the consolidated statements of income (loss). | ||
[2] | Included in interest expense in the consolidated statements of income (loss). |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ (7,456) |
Financing cash outflows from finance leases | (30) |
Right-of-use assets obtained for operating lease liabilities | $ 3,582 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Weighted average remaining lease term, in years - operating leases | 10 years 4 months 24 days |
Weighted average remaining lease term, in years - finance leases | 3 years 2 months 12 days |
Weighted average discount rate - operating leases | 5.30% |
Weighted average discount - finance leases | 4.00% |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 400,955 | $ 521,877 |
Current portion due within one year | (31,602) | (32,377) |
Unamortized debt discount | (33,398) | (44,864) |
Deferred financing costs | (3,193) | (4,126) |
Long-term debt, less current portion | 332,762 | 440,510 |
Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 395,455 | 399,028 |
Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 122,849 |
Convertible Senior Notes | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 125,000 | 125,000 |
SEACOR Marine Foreign Holdings Credit Facility | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 86,470 | 100,750 |
Sea-Cat Crewzer III Term Loan Facility | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 19,178 | 21,653 |
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 18,705 | 19,705 |
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 86,316 | 95,317 |
SEACOR Alpine Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 29,734 | 31,103 |
SEACOR 88/888 Term Loan | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 5,500 |
SEACOR 88/888 Term Loan | Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 5,500 |
Tarahumara Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 6,500 | |
SEACOR Offshore OSV | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 18,052 | |
Falcon Global U S A Term Loan Facility | Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 102,349 | |
Falcon Global USA Revolver | Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 15,000 | |
Windcat Workboats Facilities | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 27,626 |
Long Term Debt - Schedule of _2
Long Term Debt - Schedule of Long-term Debt Obligations (Parenthetical) (Details) | 12 Months Ended | ||||
Dec. 31, 2021Vessel | Dec. 31, 2020 | [2] | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||||
Number of vessels acquired | 1 | [1] | 4 | 4 | |
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing | SEACOSCO Offshore LLC | |||||
Debt Instrument [Line Items] | |||||
Number of vessels acquired | 8 | ||||
[1] | Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). | ||||
[2] | Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). |
Long Term Debt - Schedule of _3
Long Term Debt - Schedule of Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 31,602 | |
2023 | 252,247 | |
2024 | 44,334 | |
2025 | 12,629 | |
2026 | 11,365 | |
Years subsequent to 2026 | 48,778 | |
Long-term Debt, Gross | $ 400,955 | $ 521,877 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Details) $ / shares in Units, € in Millions | Jul. 23, 2021USD ($) | Jun. 29, 2021USD ($) | Jun. 24, 2021USD ($) | Jun. 18, 2021USD ($) | Jun. 10, 2021USD ($)Liftboat | Dec. 18, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 03, 2020EUR (€) | Sep. 26, 2018USD ($) | Jul. 05, 2018USD ($) | May 02, 2018USD ($)$ / sharesshares | Dec. 01, 2015USD ($)$ / shares | Apr. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 29, 2020Vessel | Oct. 31, 2018USD ($) | May 24, 2016EUR (€) | Apr. 21, 2016EUR (€) |
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of long-term debt, total | $ 78,124,000 | $ 22,601,000 | $ 23,974,000 | |||||||||||||||||||||
Gain on troubled debt restructuring, increase of basic earnings per share | $ / shares | $ 2.44 | |||||||||||||||||||||||
Gain on troubled debt restructuring, increase of diluted earnings per share | $ / shares | $ 2.43 | |||||||||||||||||||||||
Debt instrument, increase (decrease), net, | $ 30,100,000 | |||||||||||||||||||||||
Gain on troubled debt restructuring | $ (61,994,000) | |||||||||||||||||||||||
Number of additional vessels owned | Vessel | 2 | |||||||||||||||||||||||
Long-term Debt Obligation | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Letters of credit outstanding, amount | 1,200,000 | |||||||||||||||||||||||
Carlyle Group | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Convertible debt, total | $ 175,000,000 | |||||||||||||||||||||||
Convertible Senior Notes Converted to Warrants | Carlyle Group | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 1,000 | $ 1,000 | ||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 37.73 | 37.73 | ||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
Debt conversion, original debt, amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | shares | 1,886,792 | 1,900,000 | ||||||||||||||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 26.50 | $ 26.50 | ||||||||||||||||||||||
Carlyle Warrants | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 0.01 | |||||||||||||||||||||||
Warrants and rights outstanding, term | 25 years | |||||||||||||||||||||||
Term Loan to Acquire One Vessel | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 6,500,000 | |||||||||||||||||||||||
Term loan fixed interest percentage rate | 6.00% | |||||||||||||||||||||||
Debt instrument, maturity year | 2025 | |||||||||||||||||||||||
Conditional Payoff Agreement | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of long-term debt, total | $ 27,500,000 | $ 50,000,000 | ||||||||||||||||||||||
Reimbursement amount | $ 2,500,000 | |||||||||||||||||||||||
Number of liftboats released from mortgages and security arrangements | Liftboat | 9 | |||||||||||||||||||||||
Gain on restructuring of debt | $ 62,000,000 | |||||||||||||||||||||||
Conditional Payoff Agreement | Paid at Signing of Conditional Payoff Agreement | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of long-term debt, total | 25,000,000 | |||||||||||||||||||||||
Conditional Payoff Agreement | Paid Using Hull and Machinery Insurance Proceeds | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of long-term debt, total | $ 22,500,000 | |||||||||||||||||||||||
Conditional Payoff Agreement | Reimbursed from Hull and Machinery Insurance Proceeds | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of long-term debt, total | $ 2,500,000 | |||||||||||||||||||||||
Deferred Purchase Agreements | SEACOR Offshore Delta (f/k/a SEACOSCO) | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Purchase price payable for equity method investment in first year | $ 1,000,000 | |||||||||||||||||||||||
Purchase price payable for equity method investment in second year | 2,500,000 | |||||||||||||||||||||||
Purchase price payable for equity method investment in third year | 2,500,000 | |||||||||||||||||||||||
Purchase price payable for equity method investment in fourth year | $ 13,700,000 | |||||||||||||||||||||||
Purchase price fixed accrued interest rate in first year | 1.50% | |||||||||||||||||||||||
Purchase price fixed accrued interest rate in second year | 7.00% | |||||||||||||||||||||||
Purchase price fixed accrued interest rate in third year | 7.50% | |||||||||||||||||||||||
Purchase price fixed accrued interest rate in fourth year | 8.00% | |||||||||||||||||||||||
Deferred Purchase Agreements | SEACOR Offshore Delta (f/k/a SEACOSCO) | Platform Supply Vessels | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Equity method investment, amortization of purchase price | 10 years | |||||||||||||||||||||||
Debt instrument, description of floating interest rate basis | three-month LIBOR plus 4.0% | |||||||||||||||||||||||
Debt instrument, basis spread on floating interest rate | 4.00% | |||||||||||||||||||||||
Tax Refund Agreement | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Estimated tax refund receivable | $ 31,200,000 | |||||||||||||||||||||||
SEACOR Offshore OSV | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Line of credit facility assumed and guaranteed | $ 18,100,000 | |||||||||||||||||||||||
Credit facility, frequency of payments | quarterly | |||||||||||||||||||||||
Credit facility quarterly principal payments | $ 500,000 | |||||||||||||||||||||||
Credit facility, interest rate | 4.68% | |||||||||||||||||||||||
Credit facility, maturity date | Dec. 31, 2023 | |||||||||||||||||||||||
Term and Revolving Loan Facility | Conditional Payoff Agreement | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Principal outstanding under Credit Facility | $ 117,300,000 | |||||||||||||||||||||||
SEACOR Alpine Shipyard Financing | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, interest rate | 5.00% | |||||||||||||||||||||||
Percentage of amount of loan financed | 70.00% | |||||||||||||||||||||||
Debt instrument, term of delivery | 4 years | |||||||||||||||||||||||
Windcat Workboats Facilities | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 25 | |||||||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2021 | |||||||||||||||||||||||
Debt instrument, extended maturity date | Dec. 31, 2022 | |||||||||||||||||||||||
Application fee paid in conjunction with amendment and amortized over credit facility term | € | € 0.1 | |||||||||||||||||||||||
Proceeds from lines of credit | € | € 1 | |||||||||||||||||||||||
Debt instrument, increase (decrease), net, | $ 1,100,000 | |||||||||||||||||||||||
Loan Facility With DNB Bank ASA | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 130,000 | |||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 3.90% | |||||||||||||||||||||||
Debt instrument, maturity period | 2023 | |||||||||||||||||||||||
Debt instrument, periodic payment, principal | $ 3,300,000 | |||||||||||||||||||||||
Loan Facility With DNB Bank ASA | Interest Rate Swap | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Derivative, notional amount | $ 65,000,000 | |||||||||||||||||||||||
Other DNB Credit Facilities | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Repayments of lines of credit | 101,300,000 | |||||||||||||||||||||||
Long-term debt, total | 99,900,000 | |||||||||||||||||||||||
Interest payable | 1,400,000 | |||||||||||||||||||||||
Gain on troubled debt restructuring | $ 600,000 | |||||||||||||||||||||||
Convertible Senior Notes 3.75% | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 1,000 | |||||||||||||||||||||||
Debt instrument, interest rate | 4.25% | 3.75% | 4.25% | 3.75% | ||||||||||||||||||||
Convertible debt, total | $ 125,000,000 | $ 175,000,000 | $ 125,000,000 | |||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 23.26 | |||||||||||||||||||||||
Three Point Seven Five Percentage Convertible Notes | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 7.95% | |||||||||||||||||||||||
Embedded derivative, fair value of embedded derivative liability | $ 27,300,000 | |||||||||||||||||||||||
Sea-Cat Crewzer III | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | € | € 27.6 | |||||||||||||||||||||||
Repayments of long-term debt, total | $ 3,100,000 | |||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 2.76% | |||||||||||||||||||||||
Proceeds from issuance of debt | $ 7,100,000 | $ 22,800,000 | ||||||||||||||||||||||
Debt issuance costs, gross | $ 2,700,000 | |||||||||||||||||||||||
Term Loan to Acquire Two Vessels | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 11,000,000 | |||||||||||||||||||||||
Debt instrument, maturity year | 2023 | |||||||||||||||||||||||
Debt instrument, interest rate, effective percentage | 3.75% | |||||||||||||||||||||||
Claims recoverable amount under borrowings | $ 5,500,000 | |||||||||||||||||||||||
Claims recoverable under borrowings percentage of obligations outstanding | 50.00% | |||||||||||||||||||||||
Term Loan to Acquire Two Vessels | Interest Rate Swap | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Derivative, notional amount | $ 5,500,000 |
Long Term Debt - Schedule of Ga
Long Term Debt - Schedule of Gain on Transactions Under Conditional Payoff Agreement (Details) - USD ($) $ in Thousands | Jun. 24, 2021 | Jun. 10, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 400,955 | $ 521,877 | |||
Unamortized debt discount | (33,398) | (44,864) | |||
Cash Paid | $ (78,124) | $ (22,601) | $ (23,974) | ||
Conditional Payoff Agreement | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt discount | $ (4,600) | ||||
Current Liabilities | 112,749 | ||||
Transaction Fees | (755) | ||||
Cash Paid | (27,500) | $ (50,000) | |||
Hull and Machinery Insurance Proceeds | (22,500) | ||||
Gain on Troubled Debt Restructuring | 61,994 | ||||
Falcon Global U S A Term Loan Facility | Conditional Payoff Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 102,349 | ||||
Falcon Global USA Revolver | Conditional Payoff Agreement | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 15,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jun. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Line Items] | |||||
Income tax refunds | $ 1,600,000 | ||||
Interest received on cash refunds | $ 1,100 | ||||
Income tax benefit and equity in earnings (losses) | 50.00% | ||||
Foreign tax credits | 300,000 | ||||
Expected tax refund | $ 400,000 | ||||
Increase (decrease) in transition tax liability | $ 2,300,000 | ||||
Effective income tax rate reconciliation, percent, total | 173.40% | 23.40% | 9.40% | ||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% | 21.00% | 21.00% | ||
Interest expense suspended | $ 4,400,000 | ||||
Suspended interest deductible | $ 4,600,000 | $ 3,300,000 | |||
Interest expense carryforward | $ 6,700,000 | ||||
Interest expense suspended, limitation percentage | 30.00% | 50.00% | |||
Operating loss carryforwards, percentage of taxable income, utilization limitation | 80.00% | 50.00% | |||
Operating loss carryforwards, total | $ 24,300,000 | $ 72,400,000 | |||
Operating loss carryforwards, expiration period | 20 years | ||||
Operating loss carryforwards, valuation allowance, total | 2,500,000 | ||||
Tax Refund Agreement | |||||
Income Taxes [Line Items] | |||||
Income tax refunds | $ 32,300,000 | ||||
Percentage of net operating losses facilitate tax savings | 35.00% | ||||
Transaction fee | $ 3,000,000 | ||||
Cash tax refunds without restrict to use | $ 23,100,000 | 23,100,000 | |||
Cash tax refunds with restrict to use | $ 8,100,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | $ 6,627 | $ (98,107) | $ (84,474) |
United States | |||
Income Taxes [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | 34,955 | (83,560) | (71,833) |
Foreign | |||
Income Taxes [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | (29,425) | (17,748) | (23,663) |
Eliminations | |||
Income Taxes [Line Items] | |||
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies | $ 1,097 | $ 3,201 | $ 11,022 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Federal, current | $ (30,838) | $ (6) | |
State, current | $ 271 | 123 | (78) |
Foreign, current | 6,362 | 5,533 | 5,005 |
Current income tax expense | 6,633 | (25,182) | 4,921 |
Federal, deferred | 4,892 | 2,435 | (12,594) |
State, deferred | (32) | (139) | (224) |
Foreign, deferred | (38) | (72) | |
Deferred income tax benefit | 4,860 | 2,258 | (12,890) |
Income Tax Expense (Benefit) | $ 11,493 | $ (22,924) | $ (7,969) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 21.00% |
Exclusion of foreign subsidiaries with current year losses and withholding tax | 141.60% | 7.70% | 7.40% |
U.S. federal income tax law changes | (11.80%) | ||
Non-Deductible Expenses | 0.40% | ||
JV equity earnings | 3.80% | (0.30%) | |
Noncontrolling interests | 1.30% | 1.70% | |
Return to provision | 0.40% | (0.40%) | 2.80% |
State Taxes | 2.70% | (0.10%) | (0.30%) |
Subpart F Income | 2.00% | 0.30% | |
Share Award Plans | 1.50% | 0.30% | |
Other | 0.60% | ||
Effective Tax Rate | 173.40% | 23.40% | 9.40% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Property and equipment | $ 63,802 | $ 58,676 |
Investments in 50% or Less Owned Companies | 2,925 | |
Other | 3,459 | 4,819 |
Total deferred tax liabilities | 67,261 | 66,420 |
Deferred tax assets: | ||
Federal Net Operating Loss Carryforwards | 20,312 | 23,061 |
Other | 8,803 | 10,073 |
Total deferred tax assets | 29,115 | 33,134 |
Valuation Allowance | (2,536) | (2,536) |
Total deferred tax assets | 26,579 | 30,598 |
Net deferred tax liabilities | $ 40,682 | $ 35,822 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Strategies - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative Liability | $ 1,831 | $ 3,698 |
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative Liability | $ 1,831 | 3,698 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability | 895 | |
Conversion option liability on Convertible Senior Notes | 2 | |
Not Designated as Hedging Instrument | Forward Exchange Contract | ||
Derivative [Line Items] | ||
Derivative Liability | $ 893 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Strategies - Additional Information (Details) $ in Thousands, £ in Millions | 12 Months Ended | ||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021GBP (£) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 23, 2021 | Jun. 01, 2021 | Dec. 20, 2018 | |
Derivative [Line Items] | |||||||
Derivative gains (losses) on cash flow hedges | $ 219 | $ (2,139) | $ (1,901) | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 49.00% | ||||
Estimated fair value of derivative instruments from continuing operations | 1,800 | ||||||
Credit risk adjustment | 200 | ||||||
Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative gains (losses) on cash flow hedges | $ 219 | $ (2,139) | (1,901) | ||||
Forward Exchange Contract | Windcat Workboats Holdings Ltd | |||||||
Derivative [Line Items] | |||||||
Proceeds to be received from sale of business | £ | £ 31.5 | ||||||
Maximum | |||||||
Derivative [Line Items] | |||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||
Minimum [Member] | |||||||
Derivative [Line Items] | |||||||
Equity method investment, ownership percentage | 20.00% | ||||||
Minimum [Member] | SEACOR Marine Foreign Holdings | |||||||
Derivative [Line Items] | |||||||
Equity method investment, ownership percentage | 50.00% | ||||||
Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Derivative gains (losses) on cash flow hedges | $ 2,300 | $ (700) | $ (1,300) | ||||
Cash Flow Hedging | 3.32% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings | |||||||
Derivative [Line Items] | |||||||
Derivative, fixed interest rate | 3.32% | ||||||
Derivative, notional amount | $ 6,800 | ||||||
Cash Flow Hedging | 3.195% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings | |||||||
Derivative [Line Items] | |||||||
Derivative, fixed interest rate | 3.195% | ||||||
Derivative, notional amount | $ 37,500 | ||||||
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | SEACOR 88/888 | |||||||
Derivative [Line Items] | |||||||
Derivative, fixed interest rate | 3.175% | ||||||
Derivative, notional amount | $ 5,500 | ||||||
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | MexMar | |||||||
Derivative [Line Items] | |||||||
Equity method investment, ownership percentage | 49.00% | ||||||
Derivative, notional amount | $ 58,100 | ||||||
Derivative, number of instruments held, total | 5 | ||||||
Cash Flow Hedging | Maximum | Interest Rate Swap | Designated as Hedging Instrument | MexMar | |||||||
Derivative [Line Items] | |||||||
Derivative, fixed interest rate | 2.10% | ||||||
Cash Flow Hedging | Minimum [Member] | Interest Rate Swap | Designated as Hedging Instrument | MexMar | |||||||
Derivative [Line Items] | |||||||
Derivative, fixed interest rate | 1.71% | ||||||
Derivative Liabilities | Fair Value Hedging | |||||||
Derivative [Line Items] | |||||||
Recognized gain (loss) on hedged item in fair value hedge | $ 400 | $ (900) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Strategies - Effect of Derivative Instruments on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Derivative gains (losses) on cash flow hedges | $ 219 | $ (2,139) | $ (1,901) |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative gains (losses) on cash flow hedges | 219 | (2,139) | (1,901) |
Joint Venture Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative gains (losses) on cash flow hedges | (588) | (156) | (645) |
Interest Expense | |||
Derivative [Line Items] | |||
Reclassification of derivative losses on cash flow hedges | $ 1,648 | $ 1,425 | $ 552 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Strategies - Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Gains (losses) on derivative instruments | $ 392 | $ 4,310 | $ 71 |
Embedded Derivative Financial Instruments | |||
Derivative [Line Items] | |||
Gains (losses) on derivative instruments | 2 | 5,203 | $ 71 |
Foreign Exchange Option | |||
Derivative [Line Items] | |||
Gains (losses) on derivative instruments | $ 390 | $ (893) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 1,831 | $ 4,591 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Conversion Option Liability on Convertible Senior Notes | $ 2 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | $ 41,220 | $ 36,018 |
Long-term debt, including current portion | 364,364 | 472,887 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | 41,220 | 36,018 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 372,992 | $ 470,561 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)PropertyandEquipmentInvestment | Dec. 31, 2020USD ($)LiftboatInvestment | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Impairment charges | $ 0 | $ 18,800,000 | |
Number of property and equipment with fair value | PropertyandEquipment | 0 | ||
Number of marked investments, at equity, in 50% or less owned companies | Investment | 1 | 2 | |
Investments, at equity, in 50% or less owned companies | $ 71,727,000 | $ 75,308,000 | |
Seabulk Tims I and Offshore Vessel Holdings | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Investments, at equity, in 50% or less owned companies | 0 | ||
MEXMAR Offshore | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Investments, at equity, in 50% or less owned companies | [1] | $ 1,960,000 | |
50% or Less Owned Companies | MEXMAR Offshore | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Investments, at equity, in 50% or less owned companies | 0 | ||
Investment owned, at fair value, in 50% or less owned company | 12,000,000 | ||
Investment owned excess amount fair value, in 50% or less owned company | 9,400,000 | ||
Investment owned, balance, in 50% or less owned company | $ 2,600,000 | ||
Liftboats | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Number of property and equipment with fair value | Liftboat | 5 | ||
Fair Value, Inputs, Level 2 | Liftboats | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Property and equipment, fair value | $ 43,000,000 | ||
[1] | This j oint v enture holds the investment in UP Offshore . The Company received a cash distribution in excess of its investment in MEXMOR Offshore during 2021. The distribution exceeded the investment value by $ 9.4 million and this amount was recognized as gain from return of investments in 50 % or less owned companies. On December 9, 2021, the Company sold their ownership in this joint venture to the majority shareholder. See details below. |
Warrants - Additional Informati
Warrants - Additional Information (Details) - $ / shares | Dec. 23, 2021 | Sep. 18, 2020 | Sep. 01, 2020 | Jun. 14, 2019 | Jun. 08, 2019 | May 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Class Of Warrant Or Right [Line Items] | |||||||||
Class of warrant or right, exercised during period | 48,809 | 83,367 | 255,307 | 64,440 | 64,440 | 380,000 | |||
Class of warrant or right, outstanding | 1,439,483 | 1,488,292 | 1,826,966 | ||||||
Number of shares withheld in an exercise to purchase warrants as payment for the exercise | 149 | 354 | 49 | ||||||
Warrants Transactions | |||||||||
Class Of Warrant Or Right [Line Items] | |||||||||
Class of warrant or right, exercise price per share | $ 0.01 | ||||||||
Class of warrant or right, number of securities called by warrants or rights | 2,560,456 | ||||||||
Class of warrant or right, outstanding | 1,439,483 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) $ / shares in Units, € in Millions, £ in Millions | Dec. 23, 2021shares | Sep. 18, 2020shares | Sep. 01, 2020shares | Mar. 20, 2020shares | Jun. 14, 2019shares | Jun. 08, 2019shares | May 28, 2019shares | Mar. 15, 2019USD ($)shares | Mar. 15, 2019EUR (€)shares | Jan. 25, 2019USD ($) | Jan. 25, 2019GBP (£) | Jan. 09, 2019USD ($)Vesselshares | Dec. 31, 2021USD ($)$ / sharesshares | Apr. 30, 2018shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019shares | Jun. 09, 2020shares | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Class of warrant or right, exercised during period | 48,809 | 83,367 | 255,307 | 64,440 | 64,440 | 380,000 | ||||||||||||||||
Class of warrant or right, outstanding | 1,439,483 | 1,439,483 | 1,488,292 | 1,826,966 | ||||||||||||||||||
Number of shares withheld in an exercise to purchase warrants as payment for the exercise | 149 | 354 | 49 | |||||||||||||||||||
Acquired | 1 | [1] | 4 | [2] | 4 | |||||||||||||||||
Common stock value | $ | $ 262,000 | $ 262,000 | $ 235,000 | |||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ | 446,541,000 | 446,541,000 | 401,836,000 | $ 565,351,000 | ||||||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ | $ (22,907,000) | $ (22,907,000) | $ (51,839,000) | $ 137,250,000 | ||||||||||||||||||
Retained Earnings [Member] | Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ | $ 10,400,000 | |||||||||||||||||||||
Private Placement | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 603,872 | 750,000 | ||||||||||||||||||||
Acquired | Vessel | 3 | |||||||||||||||||||||
Common stock value | $ | $ 7,800 | |||||||||||||||||||||
Falcon Global Holdings | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Ownership percentage by parent | 28.00% | |||||||||||||||||||||
2017 Equity Incentive Plan | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common shares registered for issuance | 2,174,000 | 2,174,000 | ||||||||||||||||||||
Common shares remaining available for issuance | 24,821 | |||||||||||||||||||||
2020 Equity Incentive Plan | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common shares registered for issuance | 2,114,821 | |||||||||||||||||||||
Common shares authorized for issuance | 2,080,000 | |||||||||||||||||||||
Common shares remaining available for issuance | 843,031 | 843,031 | ||||||||||||||||||||
Exchange Warrants | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Class of warrant or right, outstanding | 1,439,483 | 1,439,483 | 1,488,292 | |||||||||||||||||||
Number of shares withheld in an exercise to purchase warrants as payment for the exercise | 149 | 354 | 49 | |||||||||||||||||||
Merger Agreement | Common Stock [Member] | Merger Consideration | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 1,567,935 | |||||||||||||||||||||
Falcon Global Holdings | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 900,000 | |||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||||||||||||||||||
Windcat Workboats Facilities | Seabulk Overseas | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 50,000 | 50,000 | ||||||||||||||||||||
Business acquisition, percentage of voting interests acquired | 6.25% | 6.25% | 6.25% | 6.25% | 100.00% | 100.00% | ||||||||||||||||
Business combination, consideration transferred, total | $ 1,400,000 | € 1.2 | $ 2,000,000 | £ 1.6 | ||||||||||||||||||
OSV Partners | Merger Agreement | Common Stock [Member] | Limited Partner | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 1,567,935 | |||||||||||||||||||||
OSV Partners | Merger Agreement | Common Stock [Member] | Merger Consideration | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 531,872 | 1,567,935 | ||||||||||||||||||||
OSV Partners | Merger Agreement | Common Stock [Member] | PIK Loan Consideration | Limited Partner | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 1,036,063 | |||||||||||||||||||||
OSV Partners I | Merger Agreement | Common Stock [Member] | Merger Consideration | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 531,872 | |||||||||||||||||||||
OSV Partners I | Merger Agreement | Common Stock [Member] | PIK Loan Consideration | Limited Partner | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock issued | 1,036,063 | |||||||||||||||||||||
[1] | Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”). | |||||||||||||||||||||
[2] | Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition (see “Note 3. Acquisitions”). |
Noncontrolling Interests in S_3
Noncontrolling Interests in Subsidiaries - Schedule of Noncontrolling Interests in the Company's Consolidated Subsidiaries (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Minority Interest [Line Items] | ||
Noncontrolling interests in subsidiaries | $ 320 | $ 319 |
VEESEA Holdings Inc. | ||
Minority Interest [Line Items] | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 1.80% | |
Noncontrolling interests in subsidiaries | $ 320 | $ 319 |
Noncontrolling Interests in S_4
Noncontrolling Interests in Subsidiaries - Additional Information (Details) - USD ($) $ in Thousands | Mar. 20, 2020 | Mar. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Minority Interest [Line Items] | |||||
Net income (loss), including portion attributable to noncontrolling interest, total | $ 33,137 | $ (82,982) | $ (98,695) | ||
Net income (loss) attributable to noncontrolling interest, total | $ 1 | $ (4,067) | $ (5,858) | ||
Falcon Global Holdings | |||||
Minority Interest [Line Items] | |||||
Noncontrolling Interest, ownership percentage by parent | 28.00% | 72.00% | |||
Net income (loss), including portion attributable to noncontrolling interest, total | $ 16,600 | ||||
Net income (loss) attributable to noncontrolling interest, total | $ 4,600 | ||||
Falcon Global Holdings | |||||
Minority Interest [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||
Common stock issued | 900,000 | ||||
Falcon Global Holdings | Common Stock | |||||
Minority Interest [Line Items] | |||||
Common stock issued | 900,000 |
Savings and Multi-employer Pe_2
Savings and Multi-employer Pension Plans - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension And Other Postretirement Benefits Disclosure [Line Items] | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 1.00% | 2.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 0.2 | $ 0.3 | $ 0.2 | |
Other Defined Contribution Plan | ||||
Pension And Other Postretirement Benefits Disclosure [Line Items] | ||||
Defined contribution plan, cost | $ 0.4 | $ 0.4 | $ 0.3 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 09, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Payments for distribution of restricted stock, spin-off | $ 2,700 | ||||
Allocated share-based compensation expense, total | $ 5,500 | $ 4,800 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, total | $ 4,800 | $ 4,700 | $ 6,500 | ||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 0.00% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | 76.10% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, discount for postvesting restrictions | 0.52% | ||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term | 9 years 11 months 1 day | ||||
Exercise of options (in shares) | 0 | 0 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, intrinsic value | $ 0 | ||||
Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Distribution of restricted stock in connection with spin-off | 120,693 | ||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 3 days | 1 year 3 months | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 5.45 | ||||
Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 5 months 1 day | 10 months 20 days | |||
Performance Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
2017 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 24,821 | ||||
Allocated share-based compensation expense, total | $ 5,300 | ||||
2017 Equity Incentive Plan | Restricted Stock | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||||
2017 Equity Incentive Plan | Restricted Stock | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | ||||
2020 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 2,080,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 843,031 | ||||
Common shares registered for issuance | 2,114,821 | ||||
2017 and 2020 Equity Incentive Plan | Employee Stock Option | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | ||||
2017 and 2020 Equity Incentive Plan | Employee Stock Option | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | ||||
Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 300,000 | ||||
Share-based compensation arrangement by share-based payment award, discount from market price, purchase date | 85.00% | ||||
Period of common stock reserved for issuance | 10 years | ||||
2017 Plan and 2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, outstanding, exercise price, ending balance | $ 3.60 | ||||
2017 Plan and 2020 Plan | Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 5.45 | $ 6.40 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding as of the beginning of year (in shares) | 1,120,541 | 913,569 | |
Granted (in shares) | 261,972 | ||
Exercised (in shares) | 0 | 0 | |
Forfeited (in shares) | 59,184 | [1] | 55,000 |
Outstanding as of the end of year (in shares) | 1,061,357 | 1,120,541 | |
Director Stock Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted (in shares) | 189,030 | 59,900 | |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding as of the beginning of year (in shares) | 436,714 | 303,609 | |
Granted (in shares) | 933,705 | [2] | 289,452 |
Vested (in shares) | 202,079 | 143,697 | |
Forfeited (in shares) | 5,250 | 12,650 | |
Outstanding as of the end of year (in shares) | 1,163,090 | 436,714 | |
[1] | Forfeitures includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted. | ||
[2] | Excludes 354,964 grants of performance-based stock units that are not |
Share Based Compensation - Sc_2
Share Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2021shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Forfeiture, gross | 71,684 |
Grants in previous period | 12,500 |
Performance Stock | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares outstanding | 354,964 |
Share Based Compensation - Sc_3
Share Based Compensation - Schedule of Restricted Stock Transactions (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Outstanding as of the beginning of year (in shares) | 436,714 | 303,609 | |
Non-Vested, weight average grant price (in dollars per share) | $ 11.60 | ||
Granted (in shares) | 933,705 | [1] | 289,452 |
Granted, weight average grant price (in dollars per share) | $ 5.45 | ||
Vested, shares (in shares) | 202,079 | 143,697 | |
Vested, weight average grant price (in dollars per share) | $ 5.26 | ||
Forfeited (in shares) | 5,250 | 12,650 | |
Forfeited, weight average grant price (in dollars per share) | $ 5.72 | ||
Outstanding as of the end of year (in shares) | 1,163,090 | 436,714 | |
Non-Vested, weight average grant price (in dollars per share) | $ 6.62 | $ 11.60 | |
[1] | Excludes 354,964 grants of performance-based stock units that are not |
Share Based Compensation - Sc_4
Share Based Compensation - Schedule of Stock Option Transactions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Non-Vested, shares (in shares) | 1,120,541 | ||
Non-Vested, weight average grant price (in dollars per share) | $ 12.49 | ||
Granted, shares (in shares) | 261,972 | ||
Exercise of options (in shares) | 0 | 0 | |
Forfeited, shares (in shares) | 59,184 | ||
Forfeited, weight average grant price (in dollars per share) | $ 15.70 | ||
Non-Vested, shares (in shares) | 1,061,357 | 1,120,541 | |
Non-Vested, weight average grant price (in dollars per share) | $ 12.39 | $ 12.49 | |
Exercisable, shares (in shares) | [1] | 896,566 | |
Exercisable, weight average grant price (in dollars per share) | $ 12.74 | ||
[1] | The weighted average remaining contractual term is 6.7 years. |
Share Based Compensation - Sc_5
Share Based Compensation - Schedule of Stock Option Transactions (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2021shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 6 years 8 months 12 days |
Forfeiture, gross | 71,684 |
Grants in previous period | 12,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ / shares in Units, € in Millions, £ in Millions | Dec. 23, 2021shares | Oct. 29, 2021USD ($) | Jul. 23, 2021USD ($) | Jun. 01, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 18, 2020shares | Sep. 01, 2020shares | Jun. 26, 2020USD ($) | Jun. 14, 2019shares | Jun. 08, 2019shares | May 28, 2019shares | Mar. 15, 2019USD ($)shares | Mar. 15, 2019EUR (€)shares | Jan. 25, 2019USD ($) | Jan. 25, 2019GBP (£) | Jan. 09, 2019shares | Dec. 20, 2018USD ($) | May 02, 2018USD ($)$ / sharesshares | Dec. 01, 2015USD ($) | Dec. 31, 2021USD ($)Vesselshares | Apr. 30, 2021USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2021USD ($)Vesselshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 30, 2021USD ($) | Jan. 12, 2021 | Dec. 28, 2018 | |
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Related party transactions,minimum amount of transaction for review and approval | $ 120,000 | |||||||||||||||||||||||||||||||
Guarantor obligations, maximum exposure | $ 0 | $ 0 | ||||||||||||||||||||||||||||||
Related party transaction, rate | 0.50% | |||||||||||||||||||||||||||||||
Interest expense, related party | $ 100,000 | $ 200,000 | ||||||||||||||||||||||||||||||
Proceeds from cash tax refunds | $ 1,600,000 | |||||||||||||||||||||||||||||||
Investments | $ 2,600,000 | |||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 49.00% | |||||||||||||||||||||||||||||
Vessel management fees | $ 600,000 | $ 600,000 | ||||||||||||||||||||||||||||||
Class of warrant or right, outstanding | shares | 1,439,483 | 1,439,483 | 1,488,292 | 1,826,966 | ||||||||||||||||||||||||||||
Issuance of common stock | $ 6,596,000 | |||||||||||||||||||||||||||||||
Class of warrant or right, exercised during period | shares | 48,809 | 83,367 | 255,307 | 64,440 | 64,440 | 380,000 | ||||||||||||||||||||||||||
Indebtedness | $ 95,000,000 | |||||||||||||||||||||||||||||||
Total purchase price | $ 30,200,000 | |||||||||||||||||||||||||||||||
Gain (loss) on equity earnings | $ 2,600,000 | |||||||||||||||||||||||||||||||
Distribution Received | $ 12,000,000 | |||||||||||||||||||||||||||||||
Excess of distribution received | $ 9,400,000 | |||||||||||||||||||||||||||||||
Revenues | $ 170,941,000 | $ 141,837,000 | 174,453,000 | |||||||||||||||||||||||||||||
CME | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||||||||||||||||||||||
SEACOR Marlin LLC | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||||||||||||||||||||||
Distribution Received | $ 2,500,000 | |||||||||||||||||||||||||||||||
OVH | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||||||||||||||||||||||
O P E M | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Loan in exchange | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||||||
Loan early repayment | 10,500,000 | 10,500,000 | ||||||||||||||||||||||||||||||
Interest payable | $ 4,100,000 | $ 4,100,000 | ||||||||||||||||||||||||||||||
Private Placement | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Issuance of Common Stock (in shares) | shares | 603,872 | 750,000 | ||||||||||||||||||||||||||||||
Issuance of common stock | $ 15,000,000 | |||||||||||||||||||||||||||||||
Warrants Issued In Private Placement | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||
Class of warrant or right, outstanding | shares | 2,168,586 | |||||||||||||||||||||||||||||||
Class of warrant or right, number of securities called by warrants or rights | shares | 674,164 | |||||||||||||||||||||||||||||||
Convertible Senior Notes 3.75% | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Convertible debt, total | $ 125,000,000 | $ 175,000,000 | $ 125,000,000 | |||||||||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 23.26 | |||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 1,000 | |||||||||||||||||||||||||||||||
Debt instrument, interest rate | 4.25% | 3.75% | 3.75% | 4.25% | 3.75% | |||||||||||||||||||||||||||
Lender Non Recourse | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Indebtedness | 70,000,000 | |||||||||||||||||||||||||||||||
Talos Energy, Inc | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Revenues | $ 1,900,000 | $ 1,500,000 | $ 3,200,000 | |||||||||||||||||||||||||||||
Carlyle Group | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Convertible debt, total | $ 175,000,000 | |||||||||||||||||||||||||||||||
Interest rate term | Interest on the Convertible Notes is payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2016 | |||||||||||||||||||||||||||||||
Debt instrument, convertible, terms of conversion feature | Carlyle has not exercised this right subsequent to Mr. Hussein’s resignation but retains the right to appoint a member to the Board of Directors. Mr. Hussein has been designated by Carlyle to observe meetings of the Board of Directors pursuant to Carlyle’s observer rights under the Convertible Notes. This observation right will terminate at the time Carlyle owns less than $50.0 million in aggregate principal amount of the Convertible Notes or a combination of the Convertible Notes and our Common Stock representing less than 5.0% of the Company’s Common Stock outstanding on a fully diluted basis, assuming the conversion of all of the Convertible Notes and Warrants to purchase Common Stock held by Carlyle. | |||||||||||||||||||||||||||||||
Class of warrant or right, outstanding | shares | 1,439,483 | 1,439,483 | ||||||||||||||||||||||||||||||
Class of warrant or right, exercised during period | shares | 48,809 | 83,367 | ||||||||||||||||||||||||||||||
Carlyle Group | Convertible Senior Notes Converted to Warrants | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Debt conversion, original debt, amount | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion ratio | 37.73 | 37.73 | ||||||||||||||||||||||||||||||
Debt instrument, face amount | $ 1,000 | $ 1,000 | ||||||||||||||||||||||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 26.50 | $ 26.50 | ||||||||||||||||||||||||||||||
Debt conversion, converted instrument, shares issued | shares | 1,886,792 | 1,900,000 | ||||||||||||||||||||||||||||||
OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | [1] | 30.40% | 30.40% | |||||||||||||||||||||||||||||
OSV Partners | Limited Partner | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 29.70% | 29.70% | ||||||||||||||||||||||||||||||
CME | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Class of warrant or right, exercised during period | shares | 255,307 | 380,000 | ||||||||||||||||||||||||||||||
Contributed capital | 5,000,000 | |||||||||||||||||||||||||||||||
MexMar | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Transaction fee | $ 200,000 | |||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||||||||||||||||||||||
Number of vessels owned | Vessel | 16 | 16 | ||||||||||||||||||||||||||||||
Indebtedness | 15,000,000 | |||||||||||||||||||||||||||||||
Percentage transferred | 49.00% | |||||||||||||||||||||||||||||||
MEXMAR Offshore | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | [2] | 49.00% | 49.00% | |||||||||||||||||||||||||||||
Indebtedness | 10,000,000 | |||||||||||||||||||||||||||||||
Contributed capital | $ 5,000,000 | |||||||||||||||||||||||||||||||
MEXMAR Offshore | BRAZIL | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Aggregate purchase price | $ 0 | |||||||||||||||||||||||||||||||
Long-term debt, total | $ 70,000,000 | |||||||||||||||||||||||||||||||
Commitment to fund purchase | 2,700,000 | |||||||||||||||||||||||||||||||
Loaned commitment amount | $ 1,960,000 | |||||||||||||||||||||||||||||||
Exchange | O S V Credit Facility | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Loan acquired | $ 2,200,000 | |||||||||||||||||||||||||||||||
Third Party Lender | O S V Credit Facility | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Loan acquired | 4,100,000 | |||||||||||||||||||||||||||||||
Principal | O S V Credit Facility | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Loan acquired | $ 22,100,000 | |||||||||||||||||||||||||||||||
Merger Agreement | OSV Partners | Limited Partner | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Business combination, assumed and guarantee amount | $ 18,100,000 | |||||||||||||||||||||||||||||||
Quarterly principal payments | $ 500,000 | |||||||||||||||||||||||||||||||
Percentage of interest accrues under credit facility plus mandatory cost | 4.68% | |||||||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2023 | |||||||||||||||||||||||||||||||
Merger Agreement | OSV Partners | Limited Partner | Platform Supply Vessels | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Number of vessels owned | Vessel | 5 | 5 | ||||||||||||||||||||||||||||||
Percentage of voting interests acquired | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
Average age of vessels | 7 years | |||||||||||||||||||||||||||||||
Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 1,567,935 | |||||||||||||||||||||||||||||||
Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 73,107 | |||||||||||||||||||||||||||||||
Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline I I | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 36,570 | |||||||||||||||||||||||||||||||
Windcat Workboats Facilities | Seabulk Overseas | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 50,000 | 50,000 | ||||||||||||||||||||||||||||||
Percentage of voting interests acquired | 6.25% | 6.25% | 6.25% | 6.25% | 100.00% | 100.00% | ||||||||||||||||||||||||||
Ownership Percentage | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
Business combination, consideration transferred, total | $ 1,400,000 | € 1.2 | $ 2,000,000 | £ 1.6 | ||||||||||||||||||||||||||||
Windcat Workboats Facilities | CMB N.V. | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Percentage sale of equity | 100.00% | |||||||||||||||||||||||||||||||
UP Offshore | MEXMAR Offshore | BRAZIL | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Long-term debt, total | $ 5,500,000 | |||||||||||||||||||||||||||||||
OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 30.40% | |||||||||||||||||||||||||||||||
Mexmar Offshore International | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 49.00% | |||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||||||||||||||||||||||||
Subsidiaries of CME | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||||||||||||||||||||||||
Subsidiaries of CME | CME | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||||||||||||||||||||||||
Subsidiaries of CME | OVH | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||||||||||||||||||||||||
Subsidiary of MexMar | SEACOR Marlin LLC | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | 51.00% | ||||||||||||||||||||||||||||||
Offshore Vessel Holdings | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling Interest, ownership percentage by parent | 49.00% | |||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51.00% | |||||||||||||||||||||||||||||||
Contributed capital | 10,000,000 | |||||||||||||||||||||||||||||||
Financing agreement | 2,400,000 | |||||||||||||||||||||||||||||||
Mr. Fabrikant | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Investments | $ 300,000 | |||||||||||||||||||||||||||||||
Gellert | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Investments | 400,000 | |||||||||||||||||||||||||||||||
Llorca | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Investments | $ 200,000 | |||||||||||||||||||||||||||||||
Maximum | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||
Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Maximum | Carlyle Group | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Convertible debt, total | $ 50,000,000 | |||||||||||||||||||||||||||||||
Percentage of convertible notes converted into common stock | 5.00% | |||||||||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | ||||||||||||||||||||||||||||||
Minimum | Carlyle Group | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Percentage of convertible notes converted into common stock | 10.00% | |||||||||||||||||||||||||||||||
Transition Services Agreement | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | 600,000 | |||||||||||||||||||||||||||||
Transition Services Agreement | Maximum | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 6,300,000 | |||||||||||||||||||||||||||||||
Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 2.60% | 2.60% | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Amount | $ 1,000,000 | |||||||||||||||||||||||||||||||
Caroline I I | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 1.30% | 1.30% | ||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Amount | $ 500,000 | |||||||||||||||||||||||||||||||
OSV Partners I | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Sale of Interest in Partnership Unit | 10,000,000 | |||||||||||||||||||||||||||||||
Class A Preferred Interests | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 5,000,000 | |||||||||||||||||||||||||||||||
Second Lien Debt | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 5,000,000 | |||||||||||||||||||||||||||||||
Class A Preferred Interests Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 2.60% | |||||||||||||||||||||||||||||||
Limited Partners' Capital Account | $ 100,000 | |||||||||||||||||||||||||||||||
P I K Loan Debt And Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 2.60% | |||||||||||||||||||||||||||||||
Limited Partners' Capital Account | $ 100,000 | |||||||||||||||||||||||||||||||
Class A Preferred Interests Caroline II | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 1.30% | |||||||||||||||||||||||||||||||
Limited Partners' Capital Account | $ 100,000 | |||||||||||||||||||||||||||||||
P I K Loan Debt And Caroline II | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 1.30% | |||||||||||||||||||||||||||||||
Limited Partners' Capital Account | $ 100,000 | |||||||||||||||||||||||||||||||
Tax Refund Agreement | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from cash tax refunds | $ 32,300,000 | |||||||||||||||||||||||||||||||
Percentage of net operating losses facilitate tax savings | 35.00% | |||||||||||||||||||||||||||||||
Interest received on cash refunds | $ 1,100,000 | |||||||||||||||||||||||||||||||
Transaction fee | 3,000,000 | |||||||||||||||||||||||||||||||
Cash tax refunds without restrict to use | $ 23,100,000 | 23,100,000 | ||||||||||||||||||||||||||||||
Cash tax refunds with restrict to use | $ 8,100,000 | |||||||||||||||||||||||||||||||
Tax refunds restricted cash | 7,000,000 | |||||||||||||||||||||||||||||||
Merger Consideration | Merger Agreement | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 1,567,935 | |||||||||||||||||||||||||||||||
Merger Consideration | Merger Agreement | OSV Partners | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 531,872 | 1,567,935 | ||||||||||||||||||||||||||||||
Merger Consideration | Merger Agreement | OSV Partners I | Preferred Interests and Class A Preferred Interests | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 80.00% | 80.00% | ||||||||||||||||||||||||||||||
Merger Consideration | Merger Agreement | OSV Partners I | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 531,872 | |||||||||||||||||||||||||||||||
Merger Consideration | Merger Agreement | OSV Partners I | Limited Partner | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | ||||||||||||||||||||||||||||||
PIK Loan Consideration | Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 1,036,063 | |||||||||||||||||||||||||||||||
PIK Loan Consideration | Merger Agreement | OSV Partners I | Limited Partner | Common Stock [Member] | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 1,036,063 | |||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 26,557 | |||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Mr. Fabrikant | Merger Agreement | OSV Partners | Limited Partner | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 1.30% | 1.30% | ||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Mr. Fabrikant | Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 20,172 | |||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Gellert | Merger Agreement | OSV Partners | Limited Partner | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 1.40% | 1.40% | ||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Gellert | Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 22,353 | |||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Llorca | Merger Agreement | OSV Partners | Limited Partner | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Equity method investment, ownership percentage | 0.60% | 0.60% | ||||||||||||||||||||||||||||||
Merger Consideration And Payment In Kind Loan Consideration | Llorca | Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Common stock issued | shares | 9,174 | |||||||||||||||||||||||||||||||
SEACOR Holdings | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Guarantor obligations, maximum exposure | 8,100,000 | $ 22,800,000 | ||||||||||||||||||||||||||||||
SEACOR Holdings | Tax Refund Agreement | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from cash tax refunds | $ 12,500,000 | $ 19,800,000 | ||||||||||||||||||||||||||||||
Cash tax refunds with restrict to use | $ 8,100,000 | |||||||||||||||||||||||||||||||
OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Percentage of initial limited partner interests and general partner interests and initial lp interests held by unrelated third parties | 30.40% | |||||||||||||||||||||||||||||||
Two Thousand Seventeen Preferred Interests | OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 38.60% | |||||||||||||||||||||||||||||||
Two Thousand Seventeen Preferred Interests | OSV Partners I | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Preferred limited partnership interests | $ 6,000,000 | $ 6,000,000 | ||||||||||||||||||||||||||||||
Two Thousand Seventeen Preferred Interests | OSV Partners I | Caroline | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Preferred limited partnership interests | $ 200,000 | $ 200,000 | ||||||||||||||||||||||||||||||
Noncontrolling Interest, ownership percentage by parent | 3.30% | 3.30% | ||||||||||||||||||||||||||||||
Two Thousand Seventeen Preferred Interests | OSV Partners I | Caroline I I | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Preferred limited partnership interests | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||||
Noncontrolling Interest, ownership percentage by parent | 1.70% | 1.70% | ||||||||||||||||||||||||||||||
Class A Preferred Interests | OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.00% | |||||||||||||||||||||||||||||||
P I K Loan Debt And Caroline II | OSV Partners | ||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 43.00% | |||||||||||||||||||||||||||||||
[1] | The Company own ed 66.7 % of the General Partner and 29.7 % of the limited p artner ship interest of OSV Partners I . On December 31, 2021, t he Company purchased the remaining shares in this joint venture that it did not own and consolidated the net assets of OSV Partners . See details below as well as “Note 3. Business Acquisitions”. | |||||||||||||||||||||||||||||||
[2] | This j oint v enture holds the investment in UP Offshore . The Company received a cash distribution in excess of its investment in MEXMOR Offshore during 2021. The distribution exceeded the investment value by $ 9.4 million and this amount was recognized as gain from return of investments in 50 % or less owned companies. On December 9, 2021, the Company sold their ownership in this joint venture to the majority shareholder. See details below. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2021BRL (R$) | |
Commitments And Contingencies [Line Items] | ||
Unrecorded unconditional purchase obligation, total | $ 900,000 | |
Unrecorded unconditional purchase obligation due within four years | 9,400,000 | |
Guarantor obligations, maximum exposure | $ 0 | |
Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Cost allocation percentage | 70.00% | |
Deficiency Notice | Seabulk Overseas | ||
Commitments And Contingencies [Line Items] | ||
Cost allocation percentage | 30.00% | |
Minimum [Member] | Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Potential range of levies | $ 3,300,000 | R$ 18400 |
Maximum | Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Potential range of levies | $ 2,300,000 | R$ 12870 |
FSV Offshore Support Vessels | ||
Commitments And Contingencies [Line Items] | ||
Unrecorded unconditional purchase obligation, maximum quantity | 1 | 1 |
Major Customers and Segment I_3
Major Customers and Segment Information - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Customer | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, including assessed tax | $ 170,941 | $ 141,837 | $ 174,453 |
Income (loss) from equity method investments | 15,078 | (8,163) | (14,459) |
Customer Concentration Risk | Sales Revenue, Net | Seacor Marine Arabia LLC | |||
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, including assessed tax | $ 29,700 | $ 30,700 | $ 30,800 |
Concentration risk, percentage | 17.00% | 21.00% | 17.00% |
Customer Concentration Risk | Sales Revenue, Net | Ten Largest Customers | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 76.00% | 76.00% | 61.00% |
Geographic Concentration Risk | Sales Revenue, Net | |||
Segment Reporting Information [Line Items] | |||
Number of customer | Customer | 10 | ||
Geographic Concentration Risk | Sales Revenue, Net | Non-US | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from equity method investments | $ 15,400 | $ (7,500) | $ (13,500) |
Geographic Concentration Risk | Sales Revenue, Net | Zamil Offshore | |||
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, including assessed tax | $ 20,300 | ||
Concentration risk, percentage | 11.00% | ||
Geographic Concentration Risk | Sales Revenue, Net | Exxon Mobil | |||
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, including assessed tax | $ 35,200 | $ 24,800 | $ 16,500 |
Concentration risk, percentage | 21.00% | 17.00% | 9.00% |
Geographic Concentration Risk | Sales Revenue, Net | Saudi Aramco | |||
Segment Reporting Information [Line Items] | |||
Revenue from contract with customer, including assessed tax | $ 10,500 | ||
Concentration risk, percentage | 6.00% | ||
Geographic Concentration Risk | Stockholders' Equity | Non-US | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 88.00% | 89.00% | 75.00% |
Major Customers and Segment I_4
Major Customers and Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | $ 170,941 | $ 141,837 | $ 174,453 | |||
Direct Costs and Expenses | 127,406 | 91,145 | 109,523 | |||
Direct Vessel (Loss) Profit | 43,535 | 50,692 | 64,930 | |||
Lease expense | 6,085 | 7,525 | 15,840 | |||
Administrative and general | 37,639 | 40,051 | 39,791 | |||
Depreciation and amortization | 57,395 | 57,167 | 57,166 | |||
Other Costs and Expenses | 101,119 | 104,743 | 112,797 | |||
Gains (Losses) on Asset Dispositions and Impairments, Net | 20,436 | (17,588) | (6,461) | |||
Operating loss | (37,148) | (71,639) | (54,328) | |||
Historical cost | 1,025,284 | [1] | 1,012,873 | [1] | 899,024 | |
Accumulated depreciation | (317,297) | (291,538) | (308,917) | |||
Property and equipment | 707,987 | 721,335 | 590,107 | |||
Total Assets | 823,065 | [2] | 861,806 | [2] | 817,926 | [3] |
Time Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 159,835 | 133,454 | 157,052 | |||
Bareboat Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 4,033 | 2,855 | 5,131 | |||
Other Marine Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 7,073 | 5,528 | 12,270 | |||
Personnel | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 59,920 | 48,348 | 55,975 | |||
Repairs and Maintenance | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 24,117 | 14,661 | 21,401 | |||
Drydocking | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 6,347 | 4,269 | 5,848 | |||
Insurance and Loss Reserves | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 8,667 | 5,763 | 5,622 | |||
Fuel, Lubes and Supplies | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 12,033 | 8,128 | 10,622 | |||
Other Direct Costs and Expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 16,322 | 9,976 | 10,055 | |||
UNITED STATES | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 20,643 | 15,205 | 44,323 | |||
Direct Costs and Expenses | 18,796 | 16,206 | 35,367 | |||
Direct Vessel (Loss) Profit | 1,847 | (1,001) | 8,956 | |||
Lease expense | 2,621 | 4,272 | 10,894 | |||
Depreciation and amortization | 15,712 | 21,427 | 21,947 | |||
Historical cost | 253,426 | 257,592 | 297,392 | |||
Accumulated depreciation | (127,547) | (134,391) | (157,514) | |||
Property and equipment | 125,879 | 123,201 | 139,878 | |||
Total Assets | 148,753 | [2] | 164,656 | [2] | 224,229 | [3] |
UNITED STATES | Time Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 15,487 | 9,873 | 38,955 | |||
UNITED STATES | Bareboat Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 1,549 | 2,910 | 1,562 | |||
UNITED STATES | Other Marine Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 3,607 | 2,422 | 3,806 | |||
UNITED STATES | Personnel | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 8,836 | 10,065 | 17,491 | |||
UNITED STATES | Repairs and Maintenance | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 3,394 | 1,655 | 7,583 | |||
UNITED STATES | Drydocking | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 2,082 | 1,167 | 4,594 | |||
UNITED STATES | Insurance and Loss Reserves | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 2,632 | 1,774 | 2,370 | |||
UNITED STATES | Fuel, Lubes and Supplies | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 1,204 | 1,172 | 2,936 | |||
UNITED STATES | Other Direct Costs and Expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 648 | 373 | 393 | |||
Africa and Europe | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 42,930 | 47,533 | 57,730 | |||
Direct Costs and Expenses | 33,111 | 27,463 | 33,711 | |||
Direct Vessel (Loss) Profit | 9,819 | 20,070 | 24,019 | |||
Lease expense | 1,281 | 3,038 | 4,763 | |||
Depreciation and amortization | 12,856 | 13,664 | 12,614 | |||
Historical cost | 223,039 | 262,998 | 251,652 | |||
Accumulated depreciation | (71,820) | (68,486) | (62,125) | |||
Property and equipment | 151,219 | 194,512 | 189,527 | |||
Total Assets | 167,185 | [2] | 227,894 | [2] | 226,071 | [3] |
Africa and Europe | Time Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 44,268 | 47,723 | 52,325 | |||
Africa and Europe | Bareboat Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | (55) | |||||
Africa and Europe | Other Marine Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | (1,338) | (135) | 5,405 | |||
Africa and Europe | Personnel | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 13,903 | 13,397 | 17,327 | |||
Africa and Europe | Repairs and Maintenance | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 6,772 | 5,643 | 5,288 | |||
Africa and Europe | Drydocking | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 1,159 | 2,014 | 493 | |||
Africa and Europe | Insurance and Loss Reserves | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 1,353 | 1,806 | 1,492 | |||
Africa and Europe | Fuel, Lubes and Supplies | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 4,109 | 3,260 | 3,726 | |||
Africa and Europe | Other Direct Costs and Expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 5,815 | 1,343 | 5,385 | |||
Middle East and Asia | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 53,672 | 54,209 | 55,981 | |||
Direct Costs and Expenses | 43,629 | 35,497 | 31,928 | |||
Direct Vessel (Loss) Profit | 10,043 | 18,712 | 24,053 | |||
Lease expense | 472 | 170 | 173 | |||
Depreciation and amortization | 17,985 | 16,595 | 16,400 | |||
Historical cost | 340,225 | 361,514 | 292,446 | |||
Accumulated depreciation | (85,683) | (75,349) | (73,039) | |||
Property and equipment | 254,543 | 286,165 | 219,407 | |||
Total Assets | 256,533 | [2] | 289,314 | [2] | 250,890 | [3] |
Middle East and Asia | Time Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 53,146 | 52,052 | 54,312 | |||
Middle East and Asia | Other Marine Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 526 | 2,157 | 1,669 | |||
Middle East and Asia | Personnel | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 22,191 | 18,188 | 16,698 | |||
Middle East and Asia | Repairs and Maintenance | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 6,701 | 5,232 | 7,182 | |||
Middle East and Asia | Drydocking | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 2,639 | 759 | 600 | |||
Middle East and Asia | Insurance and Loss Reserves | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 2,481 | 1,721 | 1,449 | |||
Middle East and Asia | Fuel, Lubes and Supplies | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 3,459 | 2,706 | 2,904 | |||
Middle East and Asia | Other Direct Costs and Expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 6,158 | 6,891 | 3,095 | |||
Latin America | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 53,696 | 24,890 | 16,419 | |||
Direct Costs and Expenses | 31,870 | 11,979 | 8,517 | |||
Direct Vessel (Loss) Profit | 21,826 | 12,911 | 7,902 | |||
Lease expense | 1,711 | 45 | 10 | |||
Depreciation and amortization | 10,842 | 5,481 | 6,205 | |||
Historical cost | 208,594 | 130,769 | 57,534 | |||
Accumulated depreciation | (32,247) | (13,312) | (16,239) | |||
Property and equipment | 176,347 | 117,457 | 41,295 | |||
Total Assets | 250,594 | [2] | 179,942 | [2] | 116,736 | [3] |
Latin America | Time Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 46,934 | 23,806 | 11,460 | |||
Latin America | Bareboat Charter | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 2,484 | 3,569 | ||||
Latin America | Other Marine Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Revenues | 4,278 | 1,084 | 1,390 | |||
Latin America | Personnel | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 14,990 | 6,698 | 4,459 | |||
Latin America | Repairs and Maintenance | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 7,250 | 2,131 | 1,348 | |||
Latin America | Drydocking | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 467 | 329 | 161 | |||
Latin America | Insurance and Loss Reserves | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 2,201 | 462 | 311 | |||
Latin America | Fuel, Lubes and Supplies | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | 3,261 | 990 | 1,056 | |||
Latin America | Other Direct Costs and Expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
Direct Costs and Expenses | $ 3,701 | $ 1,369 | $ 1,182 | |||
[1] | Includes property and equipment acquired in business acquisitions at acquisition date fair value, and net of the impact of recognized impairment charges. | |||||
[2] | Total assets exclude $89.4 million of corporate assets. | |||||
[3] | Total assets exclude $145.5 million of corporate assets, and $45.7 million of discontinued operations. |
Major Customers and Segment I_5
Major Customers and Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Assets, Total | $ 912,502 | $ 1,017,663 | |
Assets held for sale | 50,200 | $ 45,700 | |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Assets, Total | $ 89,400 | $ 105,600 | $ 145,500 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Jan. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Windcat Workboats Holdings Ltd | Discontinued Operations, Held-for-sale | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Net income from operations | $ 200 | $ 169 | $ 364 | $ 1,736 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands | Jan. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets from Discontinued Operations: | ||||
Current assets | $ 50,235 | |||
Assets from discontinued operations | 50,200 | $ 45,700 | ||
Liability from Discontinued Operations: | ||||
Liabilities held for sale | 30,927 | |||
Boston Putford Offshore Safety | Discontinued Operations, Held-for-sale | ||||
Assets from Discontinued Operations: | ||||
Current assets | 10,138 | |||
Net property and equipment | 34,580 | |||
Non-current assets | 5,517 | |||
Assets from discontinued operations | 50,235 | |||
Liability from Discontinued Operations: | ||||
Liabilities held for sale | 2,418 | |||
Long-term liabilities | 28,509 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 30,927 | |||
Operating Revenues: | ||||
Operating Revenues | 41,259 | |||
Costs and Expenses: | ||||
Operating | 33,836 | |||
Direct Vessel Profit | 7,423 | |||
General and Administrative Expenses | 4,207 | |||
Lease Expense | 60 | |||
Depreciation | 3,504 | |||
Gain on Asset Dispositions and Impairments, Net | 91 | |||
Operating Income (Loss) | (257) | |||
Other Income (Expense) | ||||
Interest income | 11 | |||
Interest expense | (210) | |||
Foreign currency translation (loss) | (75) | |||
Other Income (Expense) | (274) | |||
Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax | (531) | |||
Income Tax Benefit | (2) | |||
Operating Income Before Equity Earnings of 50% or Less Owned Companies | (529) | |||
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | 168 | |||
Net Income from Discontinued Operations | (361) | |||
Boston Putford Offshore Safety | Discontinued Operations, Held-for-sale | Time Charter | ||||
Operating Revenues: | ||||
Operating Revenues | 41,214 | |||
Boston Putford Offshore Safety | Discontinued Operations, Held-for-sale | Other Revenue | ||||
Operating Revenues: | ||||
Operating Revenues | 45 | |||
Windcat Workboats Holdings Ltd | Discontinued Operations, Held-for-sale | ||||
Operating Revenues: | ||||
Operating Revenues | $ 973 | 31,688 | 27,039 | |
Costs and Expenses: | ||||
Operating | 578 | 17,334 | 14,202 | |
Direct Vessel Profit | 395 | 14,354 | 12,837 | |
General and Administrative Expenses | 238 | 5,516 | 4,935 | |
Lease Expense | 24 | 628 | 318 | |
Depreciation | 6,166 | 6,846 | ||
Gain on Asset Dispositions and Impairments, Net | 1,064 | |||
Operating Income (Loss) | 133 | 2,044 | 1,802 | |
Other Income (Expense) | ||||
Interest income | 2 | 59 | 56 | |
Interest expense | (39) | (1,115) | (1,100) | |
Foreign currency translation (loss) | 89 | (750) | 880 | |
Other, net | 19 | |||
Other Income (Expense) | 52 | (1,787) | (164) | |
Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax | 185 | 257 | 1,638 | |
Income Tax Benefit | (86) | 57 | ||
Operating Income Before Equity Earnings of 50% or Less Owned Companies | 185 | 343 | 1,581 | |
Equity in Earnings of 50% or Less Owned Companies, Net of Tax | (16) | 21 | 155 | |
Net Income from Discontinued Operations | $ 200 | 169 | 364 | 1,736 |
Windcat Workboats Holdings Ltd | Discontinued Operations, Held-for-sale | Time Charter | ||||
Operating Revenues: | ||||
Operating Revenues | 903 | 29,383 | 25,249 | |
Windcat Workboats Holdings Ltd | Discontinued Operations, Held-for-sale | Other Revenue | ||||
Operating Revenues: | ||||
Operating Revenues | $ 70 | $ 2,305 | $ 1,790 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |||
Allowance for credit loss reserves (deducted from trade and notes receivable) | $ 582 | $ 455 | $ 860 |
Allowance for credit loss reserves (deducted from trade and notes receivable) | 3 | 18 | |
Allowance for credit loss reserves (deducted from trade and notes receivable) | 735 | 230 | (405) |
Allowance for credit loss reserves (deducted from trade and notes receivable) | (8) | (121) | |
Allowance for credit loss reserves (deducted from trade and notes receivable) | $ 1,312 | $ 582 | $ 455 |